【摘要】 本文利用1998-2007年中国工业企业数据实证研究发现,相对于低效率企业而言,中国高效率企业面临的融资约束更紧。基于以上实证结果,本文利用一个具有金融摩擦和异质性效率厂商的DSGE模型,研究金融摩擦影响资源再分配的机制,以及金融摩擦通过资源再分配效应对产出和经济波动的影响。论文理论研究表明,金融摩擦会通过收紧高效率企业的融资约束而产生资源错配;外生技术冲击和金融冲击都会通过改变企业融资约束产生资源再分配效应,并放大整体经济波动。论文对模型的数值模拟也证实了金融摩擦的资源再分配效应,以及外生技术冲击和金融冲击对经济波动的影响。更多还原

【Abstract】 Based on China ’s Annual Industrial Survey,the empirical research shows that the financing constraints faced by efficient enterprises are tighter than those of inefficient enterprises. According to the above empirical results,this paper develops a DSGE model with heterogeneous efficiency firms and financial frictions.Due to financial frictions,efficient firms face tighter financing constraints,resulting in aggregate resource misallocation. The exogenous technology shock and financial shock change the financing constraints of firms,leading to resource reallocation among firms,and amplify economic fluctuations. Numerical simulation confirms the resource reallocation mechanism of financial frictions,and the reduction of financial frictions and financial intermediation costs can alleviate the effect of exogenous shocks on economic fluctuations.更多还原