中国工业企业无利润扩张之谜*

本文发现中国近些年来微观企业层面出现了在没有盈利能力支持情况下进行扩张的行为，同时伴随着居高不下的财务杠杆和畸高的融资成本。通过构建理论模型和利用工业企业数据库进行实证分析，本文发现中国企业在与其盈利能力不相匹配的高融资成本下的迅速扩张，可能与中国经济行为中的扭曲有关。在财政补贴和优惠利率等政策支持下的企业，不顾融资成本盲目扩张，在盈利能力没有保障的情况下，进入典型的“存量”吃“增量”的过程。

WHY DO CHINESE INDUSTRIAL SECTORS GROW WITHOUT PROFIT

Despite the financial constraints, Chinese enterprises have grown rapidly in recent years However, most business growth turns out to be unprofitable To understand the mechanism driving this phenomenon, we develop a simple model and use enterprises data from industrial enterprises database to test our theory We show that the main reason of growth without profit is the economic distortions in Chinas economic system In particular, enterprises, which receive preferential government treatment and fiscal subsidies, grow more rapidly without proper financial plan When the business growth is unprofitable, most incremental capital is wasted or used inefficiently.