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论文编号：	1921
作者编号：	2003016
上传时间：	2010/5/6 8:51:11
中文题目：	禀赋、制度租金与民营企业融资研究
英文题目：	Gift; Institution Rent; Comparative Institutional Analysis
指导老师：	成思危
中文关键字：	禀赋 制度租金 比较制度分析 民营企业 融资
英文关键字：	Gift; Institution Rent; Comparative Institutional Analysis; Private Enterprise; Finance
中文摘要：	在市场化改革进程中，我国民营经济获得了快速发展，呈现出两个显著的特征：第一，区域民营经济发展呈现出多样化的模式，地区之间的差距趋于扩大；第二，不同模式下的民营企业融资结构存在显著差异。改革开放以来，我国在允许并鼓励非国有经济快速发展的同时，对金融体系实施了严格的控制，形成了高度集中的国有金融制度。在这种制度下，民营企业可以选择的融资渠道较少。非国有金融发展严重滞后，民营经济从国有金融机构获取的金融资源与其对国民经济的贡献极不对称。同时，我们也必须注意到另外一个现象：民营经济越发达的地区，民营企业面临的融资约束越小；而民营经济越落后的地区，民营企业面临的融资约束越大。因此，摆在我们面前的问题是，在我国市场化改革进程中，为何在不同区域演变出不同的民营经济发展模式？演进的机理是什么？其背后的金融支持机制是如何形成的？有何特征？ 基于上述思考，本文试图以市场化改革和政治约束弱化的制度变迁为主线，着重研究制度因素对民营经济演进及其融资选择的作用机制。当前有关民营企业融资问题的研究主要包括两个方面：一是从不同角度对民营企业融资难的原因进行分析，并提出相应的对策建议；二是对特定区域（样本）企业融资状况进行实证研究，分析民营企业融资特征及影响因素。这些研究具有重要的理论启发意义和实践指导作用。但我们更应该注意到，制度因素对中国民营经济发展具有特殊的意义，而民营企业融资内生于民营经济发展的历史进程中。在中国市场化进程中，民营企业外源融资渠道狭窄，面临很强的制度约束。因此，从制度演进视角对不同模式、不同成长阶段民营企业融资问题进行深入分析，对民营企业融资总量和结构问题进行系统研究等就具有重要的理论意义和实践价值。基于此，本文首先分析区域民营经济演进路径多元化的根源，以从民营经济的历史演进中探究民营企业融资机制的形成及其变迁；根据有关区域金融数据，实证分析民营企业融资的总量和结构问题。 基于比较历史制度分析的视角，运用禀赋、制度租金等核心概念，本文将制度性因素归结为国有经济影响力、地方政府权力和市场化水平三个方面，进而构建了一个新的解释区域民营经济发展模式的理论框架，并对此进行了实证检验。本文认为，在市场化进程中，特定禀赋条件下国有经济影响力、地方政府权力和市场化水平相对地位的不同，导致不同区域制度租金水平的不同，这决定了特定区域民营经济演进的可能方向。初始禀赋决定了民营经济起步时可能的发展方式和融资选择，构成了一个地区民营经济发展演变的历史起点；而国有经济影响力、地方政府权力和市场化水平的不同组合及其协同演进，使得不同地区有不同的制度租金水平和降低速率，这决定了该地区制度演进的具体方式和路径；“逻辑起点+动态演进路径”的不同组合，使得不同地区演化出丰富多样的民营经济发展模式。 在上述框架的基础上，本文进一步探究了民营经济演进背后的金融支持机制。金融机构贷款是企业获取资金的重要来源，但在我国改革开放之初，受传统经济体制的影响，处于起步阶段的民营企业难以获取银行贷款，所需资金主要来自自我积累和民间借贷。运用1983-1985年横向跨省区有关数据，本文实证检验了制度因素对起步阶段民营企业获取银行贷款的影响。研究发现，制度租金水平越高，整个地区制度安排和意识形态对民营经济特别是个体私营经济的歧视越高，民营经济获取正规金融机构（主要是国有金融机构）贷款的难度越大。此时，地方政府的行为就非常关键，它可以利用自身与国有金融的天然联系，帮助民营企业获取银行贷款，或者对经济组织市场化行为采取包容甚至鼓励的政策，从而对民营经济发展产生重大影响。 民营经济在发展的过程中，其融资（特别是外源融资）选择一方面与国有经济融资制度变迁紧密相关，同时与民间金融的发展密不可分。转轨的逻辑起点是国有经济的强大，它成为政府实现目标的主要力量，因此政府通过金融控制以达到对国有经济的金融支持，这种金融控制政策制约了民营经济获得金融支持和服务的要求。市场化改革导致了制度租金的降低，国有企业融资机制也发生了巨大变革。但在不同区域，国有经济影响力、地方政府权力和市场化水平三者相对地位的演进出现了差异，其制度租金降低的速率也不同，这导致了民营经济演进路径的分岔。制度租金的下降速度，一方面对民营经济发展速度产生关键影响，同时决定了民营企业的融资选择。制度租金下降越快，民营经济发展速度越快，可供选择的融资方式也越多，面临的融资约束越小。在市场机制发育较快的情况下，国有银行的市场化取向也增强，向民营经济提供的贷款会增加。然而，这种贷款额增加速度仍然低于民营经济发展速度，因而单位民营经济产值中的贷款额仍然较低。运用1999-2001年跨省区有关数据，实证分析了制度因素对民营经济获取银行贷款的影响。民营经济越发达地区，单位民营经济产值中的银行贷款份额越低。国有经济、地方政府和市场化水平分别对民营企业获取国有金融机构贷款份额产生不同的影响。 在体制外民营经济快速发展、体制内金融无法为其提供充足金融支持的背景下，民间金融应运而生，并对民营经济发展起到了巨大的促进作用。民间金融的发展是内生于民营经济发展进程的，是在中央政府、地方政府和民间经济组织相互博弈过程中产生的。随着市场化的推进和国有经济改革的深入，民营经济获得的金融资源趋于增多，对GDP贡献达63%的民营经济，获得了约57%（基于样本数据计算）的金融资源，民营经济面临的融资约束趋于降低，同时存在着显著的结构性矛盾和地区性差异。从融资结构看，民营企业缺乏长期金融支持；从地区上看，民营经济越发达的地区，民营企业面临的融资约束越小。运用1999-2001年跨省区有关数据，实证分析了制度因素对民间金融的影响。制度因素对民间金融发展起到重要的作用，其作用机制类似于民营经济发展机制。制度租金越高、民营经济越落后的地区，民营企业对民间金融的依赖性越强；制度租金越低、民营经济越发达的地区，民间金融的贡献越大，民营企业面临的融资约束越小。 通过以上的分析，可以得出一些有意义的结论，如制度演进方式决定民营经济发展及其融资选择：制度租金越高，民营企业面临的融资约束越强；民营经济越发达的地区，民营企业面临的融资约束越小，国有金融的贡献度越低，民间金融的贡献度越高；处于成长阶段的民营企业面临的融资约束较严重等。这些结论为我们制定相关政策指明了方向，即不同地区应根据自身的制度环境和发展阶段，采取不同的政策措施，为民营企业提供多层次的金融支持，循着国有经济-集体经济-个私经济的演进路径发展民营经济。
英文摘要：	Chinese individual-run economic sector has got great development in the process of market-oriented reform, and presents two remarkable characters. First, there appear different developing models of Individual-run Economic Sector in different regions, and the gap between different regions goes to be expanding. Second, financing structure under different developing models has significant difference. As a whole, since the government allows and arouses the development of the non-stated economic sector, it carries out strict regulations on financial system, thus non-stated finance develops very slowly, the private enterprises’ financing channels are not suitable for its demands. Private enterprises get less financial resources from state-owned finance institution, though it makes more contributions to the whole economy. However, it is necessary for us to realize the other one important phenomena: the region where its private economic sector develops faster faces less financing difficulties; and the region where its private economic sector develops slower faces more financing difficulties. Thus, the questions we may ask are: why does it evolve to be different private sector developing model in different region in the market-oriented reform? What are the evolving mechanisms under different development models? How do the financing mechanisms form in different developing models? What’s the difference? Just based on these doubts, the author decides to give a deep research on the thesis of private sector finance. Taking institution changes of marketing reform and declines of political restricts as the masterstroke, the paper mainly studies the mechanisms of institution factors affecting on private economy evolution and its financing choices. Researches on finance of private firms mainly consist of two aspects: Firstly, some researchers focus on the reasons of financial difficulties of private firms and put forward corresponding advices; Secondly, based on special areas’ samples, some other researchers make empirical studies on private firms’ finance, analyzing its characters and affecting factors. These studies have important suggestions for private economy’s development. However, we should also note that institution factors have special importance on the developing of Chinese private economy, and the financing models are endogenous in the developing history of private economy. In the process of marketing reform, private economy has always been facing strong political restricts. Thus, it has great significance to give deep analysis on the finance of private firms under different models and growing stages, it’s also important to give systemic studies on the amount and structure of private firms’ finance. Correspondingly, the paper will firstly study on the roots of multi-models of regional economic evolutions, and then probe into the forming and changing of private enterprises’ finance; based on regional finance data, the paper will make empirical analysis on the financial amounts and structures of private firms. From the prospect of Historical Comparative Institutional Analysis, through introducing some key concepts such as gift and institution rent etc., the paper takes institution factor as three variables: the force of state-owned economy, the power of local government and market level, and then constructs a new theoretical framework interpreting the regional developing model of individual-run Economic Sector. The paper argues that during the transitional period, initial institution gifts supply the logic jumping-off point and give the possible direction of institution evolution; the different combination and evolution of market level and local government power decides the different institution rent level in different region, thus makes all organizations face different behavioral choice and game strategy, this decides special manners and path of institution evolution in special region. The different combination of logic jumping-off point and dynamic evolving path leads to multi-developing model, and correspondingly forms its financing mechanisms. Based on the theory framework, we can make a deep research on the financing mechanisms behind the developing of private economy. The loans from the bank are the main external finance resources for the enterprises. However, at the beginning of the reform, influenced by the traditional economic systems, private enterprises standing at the entrepreneurial stage are faced with great difficulties in obtaining the loans. Using the data between 1983 and 1985 across different provinces, the paper gives some empirical analysis about the effecting of institution factors on the finance choice, finding that there exists great difference of private sector’s financing mechanisms in different region. The region where its institution rent is higher faces stronger restricts in the private sector’s finance. Under this circumstance, the behaviors of the local government have special importance. It can help the private sectors obtain the loans using its special relations with the state-finance; and can carry out positive policies promoting the development of the private economy. During the process of developing, the finance choices of private economy are related with the institution changes of state-owned enterprises’ financial system and the development of informal finance closely. The logic point of transition is the strongness of state-owned economy, and it comes to be the main power for the central government to achieve its goal. So the government carried out financial regulations to promote the state-owned economic sectors. These regulations restrict the financial demands of the private economy. The marketing reforms lead to the decline of the institution rents; the financing mechanisms have also got great changes. However, in different region, the evolution of the three factors comes to be diverse, thus the declining speed of the institution rents are different, this leads to the diversity of evolutional path. The declining speed of the institution rents has key impacts on the development of the private economy; and decides the finance choice of the private economy samely. The faster of the declining of institution rents, the faster of the developing speed of the private economy, facing more financing choices and less financing restricts. With the developing of the marketing mechanisms, the marketing trends of state-owned banks become stronger, and will supply more loans to private economy. However, the increasing speed of the loans is lower than the developing speed of private economy, thus the loans contained in unit production value is still lower. Using the data between 1999 and 2001 across different provinces, the paper gives some empirical analysis about the effecting of institution factors on the finance choice of loans. The region where its private economy develops faster, the loans contained in unit production value is lower. State-owned economy, the power of local government and the marketing level have important impacts on the loans individually. With the development of the private economy and the lacks of finance promotions, informal finance gets great development and plays an important role for the development of private economy. Informal finance is endogenesized in the process of the private economy’s development. It appears under special game choice between the central government, local government and the economic organizations. With the promotion of marketing reform and the deepness of the state-owned sectors’ reform, the finance resources achieved by the private economy tend to be increasing. The private economy contributes to the GDP about 63%, and gains about 60% finance resources. On the whole, it has a little financial difficulty for the private economy. At the same time it has great difference in different regions. Using the data between 1999 and 2001 across different provinces, the paper gives some empirical analysis about the effecting of institution factors on the informal finance. The institution factors have key importance for the development of informal finance; the affecting mechanisms are similar to the impacts on the private economy. The region with higher institution rents and lower developing speed of the private economy has more dependence on the informal finance; the region with lower institution rents and higher developing speed of private economy faces less financial restricts. Thus we can find that there exists great difference of private sector’s financing mechanisms in different region, the region where its institution rent is higher faces stronger restricts in the private sector’s finance; for a given region, the contributions to private economy of stated-owned finance is lower, and the contributions to private economy of informal finance is higher if its private sector develops faster; the region where the private enterprises are in the process of high growing stage face the strongest restricts. These conclusions point out the direction for the policy. For a given region, it should carry out different policies according to its institutional circumstance, and follows the path of state-owned economy, collective economy and private economy to develop the private economy.
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