金融资源错配、资本回报率与经济周期波动——基于文献综述的视角
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摘要
金融资源的合理配置能够有效减少资本的低效利用,优化资本投资结构,提升资本回报率,增加全要素生产率,最终实现经济的可持续发展。可见,金融资源配置问题是经济能否持续增长的重要问题,而金融资源错配的程度又关系着资本投资回报的高低,并引起经济增长的短期波动,即金融资源错配、资本回报率与经济增长的短期波动之间存在一种非线性的因果关系,为了更好理解这种因果关系,本文归纳整理了有关研究文献,探讨了三者关系的内在关联,分析了这种关系对经济增长的宏观影响。
Rational allocation of financial resources can effectively reduce the inefficient use of capital,optimize the structure of capital investment,enhance the rate of return on capital,increase total factor productivity,and ultimately achieve sustainable economic development. It can be seen that the allocation of financial resources is an important issue for the sustained economic growth,and the degree of mismatch of financial resources is related to the return on capital investment,and causes short-term fluctuations of economic growth,that is,there is a non-linear causal relationship between the mismatch of financial resources,the rate of return on capital and the short-term fluctuations of economic growth. In order to better understand this causal relationship,this paper summarizes the relevant research literature,explores the intrinsic relationship between the three,and analyses the macro-impact of this relationship on economic growth.
Rational allocation of financial resources can effectively reduce the inefficient use of capital,optimize the structure of capital investment,enhance the rate of return on capital,increase total factor productivity,and ultimately achieve sustainable economic development. It can be seen that the allocation of financial resources is an important issue for the sustained economic growth,and the degree of mismatch of financial resources is related to the return on capital investment,and causes short-term fluctuations of economic growth,that is,there is a non-linear causal relationship between the mismatch of financial resources,the rate of return on capital and the short-term fluctuations of economic growth. In order to better understand this causal relationship,this paper summarizes the relevant research literature,explores the intrinsic relationship between the three,and analyses the macro-impact of this relationship on economic growth.
引文
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[4]Hsieh C T,Klenow P J.Misallocation and manufacturing TFP in China and India[J].The Quarterly journal of economics,2009,124(4):1403-1448.
[5]Jorgenson D.The theory of investment behavior[M].Determinants of investment behavior.NBER,1967:129-175.
[6]McFetridge D G.The efficiency implications of earnings retentions[J].The Review of Economics and Statistics,1978:218-224.
[7]Midrigan V,Xu D Y.Finance and misallocation:Evidence from plant-level data[J].American economic review,2014,104(2):422-58.
[8]Restuccia D,Rogerson R.Policy distortions and aggregate productivity with heterogeneous establishments[J].Review of Economic dynamics,2008,11(4):707-720.
[9]Solow R M.A contribution to the theory of economic growth[J].The quarterly journal of economics,1956,70(1):65-94.
[10]范德胜.经济转轨时期的中国金融发展和经济增长[M].中国金融出版社,2006.
[11]李青原,李江冰,江春.金融发展与地区实体经济资本配置效率[J].经济学(季刊)(2),2013:527-547.
[12]黎精明,郜进兴.财政分权,要素价格扭曲与国有企业过度投资[J].中南财经政法大学学报,2010,2010(1):78-83.
[13]鲁晓东.金融资源错配阻碍了中国的经济增长吗[J].金融研究,2008(4):55-68.
[14]马勇,陈雨露.作为“边际增量”的农村新型金融机构:几个基本问题[J].经济体制改革,2010(1):117-121.
[15]聂辉华,贾瑞雪.中国制造业企业生产率与资源误置[J].世界经济,2011,7:27-42.
[16]张佩,马弘.借贷约束与资源错配--来自中国的经验证据[J].清华大学学报:自然科学版,2012,52(9):1303-1308.
[2]Brealey R A,Hodges S D,Capron D.The return on alternative sources of finance[J].The Review of Economics and Statistics,1976:469-477.
[3]Friend I,Husic F.Efficiency of corporate investment[J].The Review of Economics and Statistics,1973:122-127.
[4]Hsieh C T,Klenow P J.Misallocation and manufacturing TFP in China and India[J].The Quarterly journal of economics,2009,124(4):1403-1448.
[5]Jorgenson D.The theory of investment behavior[M].Determinants of investment behavior.NBER,1967:129-175.
[6]McFetridge D G.The efficiency implications of earnings retentions[J].The Review of Economics and Statistics,1978:218-224.
[7]Midrigan V,Xu D Y.Finance and misallocation:Evidence from plant-level data[J].American economic review,2014,104(2):422-58.
[8]Restuccia D,Rogerson R.Policy distortions and aggregate productivity with heterogeneous establishments[J].Review of Economic dynamics,2008,11(4):707-720.
[9]Solow R M.A contribution to the theory of economic growth[J].The quarterly journal of economics,1956,70(1):65-94.
[10]范德胜.经济转轨时期的中国金融发展和经济增长[M].中国金融出版社,2006.
[11]李青原,李江冰,江春.金融发展与地区实体经济资本配置效率[J].经济学(季刊)(2),2013:527-547.
[12]黎精明,郜进兴.财政分权,要素价格扭曲与国有企业过度投资[J].中南财经政法大学学报,2010,2010(1):78-83.
[13]鲁晓东.金融资源错配阻碍了中国的经济增长吗[J].金融研究,2008(4):55-68.
[14]马勇,陈雨露.作为“边际增量”的农村新型金融机构:几个基本问题[J].经济体制改革,2010(1):117-121.
[15]聂辉华,贾瑞雪.中国制造业企业生产率与资源误置[J].世界经济,2011,7:27-42.
[16]张佩,马弘.借贷约束与资源错配--来自中国的经验证据[J].清华大学学报:自然科学版,2012,52(9):1303-1308.