产业政策中的资金配置:市场力量与政府扶持

产业政策具有重要的国家战略意义,如何有效引导经济资源流向政策支持产业,是产业政策发挥成效的关键.现有相关研究未深入考察经济资源在扶持行业之间及行业内部配置的规律,而且没有综合探讨不同资金配置的关联.文章考察了市场力量与政府扶持两种机制如何引导产业政策下的资金配置.研究发现,产业政策支持的企业获得了更多的债务融资和政府补助.其中,债务融资更多地流向了成长行业中规模较大的企业,政府补助使成长行业中的小规模企业和成熟行业中的大规模企业受益更多.研究结果表明,市场看重企业的增长机会,政府补助则会顾及当前成长性较弱而相对不受市场青睐的企业,对产业政策下的市场化资金配置起到了补充作用.文章的研究为如何协调市场机制和政府扶持两种力量提供了一定的借鉴.

Capital Allocation under Industrial Policies: Market Force and Government Support

As important means of economic regulation and control,industrial policies have the vital strategic significance for the development of China's economy. Above all,how to effectively guide the flow of economic resources to the policy-supported industries is essential to the effectiveness of industrial policies. Al-though previous studies have found that under the guidance of industrial policies the allocation of capital tilts to policy-supported industries,the extant literature only focuses on the resource allocation differences between the two groups of industries,namely supported industries vs. non-supported industries. In other words,prior studies do not deeply examine how these additional economic resources allocate among different policy-sup-ported industries as well as among different firms within certain policy-supported industry. More importantly, the existing studies examine the allocation of a certain economic resource seperately(such as stock market, credit market or government subsidies)without any comprehensive discussion on the linkage between differ-ent types of resources allocation.This paper discusses in depth the allocation of resources among different policy-supported industries as well as among different firms within certain policy-supported industry. At the same time,this paper in-corporates both credit resources,which are relatively more market-oriented,and government subsidies into the analytical scope. We empirically test the capital allocation guided by industrial policies,and the differ-ent effects that market force and government support bring out. Thus we can provide a more comprehens-ive perspective for the allocation of resources under the industrial policies. Industrial policies guide market resources to the policy-supported industry group. Among these policy-supported industries,we expect that the growth sectors are more likely to be favored by the market because of their growth rates relatively faster than the mature ones. Further,within these policy-supported growth industries,due to economies of scale,there is a positive relationship between the development speed of a firm and its size(Hart,1962). Therefore,in the policy-supported growth industries,the larger firms receive more market-oriented capital allocation. Based on the above analysis,we can see that,rely-ing solely on market force,even backed by industrial policies,those in mature industries and those smaller firms in growing industries are still less able to obtain market capitalization. Thus,in order to achieve the ultimate goal of the industrial policies,the governments can use subsidies and other means to allocate a part of the capital to the firms encouraged by industrial policies but not favored by the market,so as to make up for the deficiencies in market allocation of resources. Using a sample from China A-share listed non-financial firms from 2001 to 2014,we find that be-cause of the guiding force of industry policies,firms in policy-supported industries get more debt finan-cing,and especially the larger firms in growth industries benefit more. Meanwhile,industries supported by industrial policies also receive more government subsidies. Precisely,smaller firms in growth industries and larger firms in mature industries get more government subsidies. These results show that even capital allocation is guide by industrial policies,market force favor firms with higher growth opportunity; govern-ment subsidies support firms with lower growth opportunity,which are overlooked by the market force. In general,government subsidies play a supplementary role in the market-oriented capital allocation under in-dustrial policies. This paper digs deeper into the resource allocation under the guidance of industrial policies among the policy-supported industries as well as within certain policy-supported industry and comprehensively exam-ines the different roles played by market force and government support. This paper provides a more com-plete theoretical analysis framework of the operational logic of the two alternative resource allocation mechanisms and empirical evidence. Overall,two forces of resources allocation are shown to be somewhat complementary,but not completely. Whether this incomplete complementarity is for a better support of the industries or is due to some inefficiency is worth further study. The Third Plenary Session of the 18th CPC Central Committee of China made it clear that the market should play a decisive role in the allocation of resources and a government plays a better role. Taking the allocation of resources in industrial policies as an object,this paper provides a good annotation of this ma-jor theoretical point of view and at the same time reference for how to coordinate the two mechanisms of the market mechanism and government support.