银行信贷资源错配与产能过剩

本文结合金融抑制和信贷配给理论,在分析我国银行业信贷资源错配原因的基础上,深入探讨了信贷资源错配对产能过剩的影响。在企业生产初期,银行对产能过剩行业中的企业发放大量低廉贷款导致过度投资;在企业试图退出产能过剩行业阶段,银行与政府联手设置高退出壁垒,加剧产能过剩问题。产能过剩问题的根源在于体制,银行信贷资源错配是造成体制性过剩背后重要的金融诱因。

Bank Credit Misallocation and Excess Capacity

Based on financial depression theory and credit misallocation theory, the paper first analyzes the reasons for the misallocation of credit resources. Then describes the effects of credit misallocation on excess capacity in detail. On the initial phase of enterprise production, the banks offer large amount of cheap loans to some excess industry capacity enterprise and causes enterprises over-investment. When the enterprises try to exit the industries with excess capacity, the bank and the government join to raise the exit barriers eventuate in the exacerbation of domestic excess capacity. The fundamental cause which makes excess capacity of our country lies in the institutional obstacles, while the bank credit misallocation is an important financial cause of the institutional excess capacity.