“金融漏损”是“漏而不损”吗？——来自微观企业的经验证据
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| Title | Does Financial Leakage is Leak without Loss?——Evidence from Micro-enterprises in China
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| 作者 | 白俊 孟庆玺 连立帅 王生年 |
| Author | Bai Jun,Meng Qingxi,Lian Lishuai and Wang Shengnian |
| 作者单位 | 石河子大学经济与管理学院；上海财经大学会计学院；华东师范大学经济与管理学部 |
| Organization | Shihezi University; Shanghai University of Finance and Economics; East China Normal University |
| 作者Email | bayjun@126.com；mehx1992@163.com；lslian@dbm.ecnu.edu.cn；westone@shzu.edu.cn |
| 中文关键词 | 金融压抑 金融漏损 经济后果 资金供给方 资金需求方 |
| Key Words | Financial Repression; Leakage Effect; Economic Consequence; Fund-supply; Fund-demand |
| 内容提要 | “金融漏损”是修正资金配置效率的“漏而不损”，还是金融资源错配下的“漏而又损”？文章在企业层面度量“金融漏损”的基础上，从资金供需双方同时考察了其引致的经济后果。以2000-2015年上市公司和1998-2013年中小工业企业数据进行的实证研究发现：（1）微观企业间确实存在“金融漏损”现象，这一结论在排除了内生性、替代性解释等问题后依然稳健；（2）资金供给方（上市公司）通过“金融漏损”获取了额外收益，但主营业务受到损害，未来成为僵尸企业的可能性也显著增加；（3）资金需求方（中小企业）则借助“金融漏损”实现了规模扩张，但其代价是市场地位和生产效率显著下降。即使是盈利能力较强的企业，使用较多的“金融漏损”资金也会致其在未来更容易面临财务困境。文章不仅为“金融漏损”这一企业间的资金流动现象提供了直接的经验证据，而且部分回应了关于非正规金融作用的争议，还有助于理解非金融企业的金融化行为。 |
| Abstract | Does Financial leakage is leak without any loss or leak with loss under the resources mismatch? Using the listed companies from 2000 to 2015 and small and medium industrial enterprises from 1998 to 2013, we find that financial leakage does exist; Further, we conclude that the existence of financial leakage is harmful to the main business of fund-supply, listed companies, despiting its other benefits; Our results also imply that financial leakage lead to the scale expansion of fund-demand, small and medium industrial enterprises, at the expense of lower market position and production efficiency. This phenomenon is far from being rare between enterprise with high quality. In a word, we not only provide empirical evidence about the fund flow from some enterprises to others, but also response the debate on the consequence of informal finance. |
| 文章编号 | WP1414 |
| 登载时间 | 2019-08-30 |
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