Research On Ownership Discrimination Of Credit Resources Allocation In China

On November 1.2018,General Secretary Xi Jinping emphasized in his Speech at the Symposium on Private Enterprises that we should "solve the problem of financing difficulty and high cost of private enterprises","give priority to solving the problem of financing difficulty and even lack of financing for private enterprises,especially small and medium-sized enterprises,and gradually reduce the financing cost","link the performance appraisal of banking industry with supporting the development of private economy,and solve the problem of being afraid to lend or not to lend".In recent years,China's economic growth has slowed down,the money supply and enterprise financing scale have been exaggerating,but the banking industry still has significant preferences in the allocation of credit resources.A large number of credit resources flow to state-owned enterprises in China,but the financing support of private enterprises,which account for a large proportion and contribute a lot to the national economy,is seriously inconsistent with their economic status.This paper studies the problem of ownership discrimination in the allocation of bank credit resources in China.Firstly,it analyses the development and financing situation of state-owned enterprises and private enterprises,the government's attention to the financing problem of private enterprises,and collects the previous research literatures of scholars.On this basis,it collates the theoretical basis and related concepts,and puts forward the research of this paper--the problem of ownership discrimination in the allocation of credit resources.This paper aims to solve three problems:First,whether there is ownership discrimination in the allocation of credit resources in China.Previous scholars have not reached unanimous conclusions on this issue.This paper argues that clarifying this issue is the basis of this paper.If there is no ownership discrimination in the allocation of credit resources and there is no significant difference in the allocation of credit resources between state-owned enterprises and private enterprises,then solving the financing problem of private enterprises should not focus on the nature of property rights of enterprises.If there is ownership discrimination in the allocation of credit resources,and there is a significant difference in the allocation of credit resources between state-owned enterprises and private enterprises,in order to solve the financing problem of private enterprises,we should start from the nature of property rights of enterprises,devote ourselves to eliminating the different treatment of different property rights enterprises in economic operation,and improve the development and operation environment of private enterprises.Secondly,the allocation of credit resources is the dominant factor affecting the real economic resources,and monetary policy is an important exogenous shock affecting the allocation of credit.In China,bank credit channel is the main channel for monetary policy to spread in the economy.So,how will monetary policy affect ownership discrimination in the allocation of credit resources?And how to influence the development of macro-economy?To clarify this issue is helpful to adjust the objectives and tools of monetary policy in our country and make the adjustment of monetary policy targeted.Thirdly,according to the viewpoint of institutional economics,the impact of institution on economy may even be the most important variable.However,China has a large land area,and not only the level of economic development is not balanced among different regions,but also the institutional environment.What is the impact of different institutional environments in different regions on ownership discrimination in the allocation of credit resources?To clarify this problem is helpful to understand the behaviour of differentiated loans from the institutional root,and to provide guidance for the next step of economic and financial reform.In order to solve the above problems,this paper uses the data of A-share listed companies in China from 2007 to 2017 to carry out empirical research.The results show that:Firstly,there is a significant discrimination in the ownership of credit resources allocation in China,that is,there is a significant difference in the allocation of credit resources between state-owned enterprises and private enterprises,which is embodied in three levels:credit resources allocation scale discrimination,credit term structure discrimination and credit financing cost discrimination.This paper uses the total borrowing scale and long-term debt ratio(the long-term borrowing scale acquired by unit asset)to represent the scale of credit resources,the proportion of long-term borrowing in total borrowing to represent the credit term structure,and the actual interest rate(interest expenditure divided by total corporate liabilities)to represent the financing cost.There are significant differences between state-owned enterprises and private enterprises at three levels.Compared with private enterprises,state-owned enterprises can obtain more credit financing scale and longer credit term structure,and the actual financing cost of obtaining credit resources is lower.Secondly,the loose monetary policy makes the difference of credit allocation scale,credit term structure and credit financing cost between state-owned enterprises and private enterprises further increase,and strengthens the discrimination of credit allocation scale,credit term structure and credit financing cost.The tight monetary policy makes the difference narrow.Loose monetary policy will strengthen ownership discrimination in credit resource allocation.The possible reason is that compared with private enterprises,the relationship between state-owned enterprises and commercial banks is closer and closer,and there is no time lag in transactions with banks.If the central bank adjusts the monetary policy through the credit channel,the state-owned enterprises with closer relationship with commercial banks will be more affected.Therefore,monetary policy not only has the function of smoothing short-term economic fluctuations,but also has the function of regulating the total amount of credit resources and the structure of credit resources among enterprises with different property rights.Thirdly,institutional environment variables have a significant impact on ownership discrimination in credit resource allocation.The influence of government intervention,financial development and legalization level on credit scale difference,credit term structure difference and credit financing cost difference is different.The improvement of financial development and legalization level can effectively improve the discrimination of credit resources allocation scale between state-owned enterprises and private enterprises,while only the improvement of regional legalization level can improve the discrimination of credit term structure;the improvement of government intervention,financial development and legalization level can significantly improve the discrimination of credit financing cost.The improvement of financial development and legalization level can improve the ownership discrimination of credit resources allocation.The possible reason is that with the development of finance and the improvement of legalization level,banks will examine the loan application of enterprises more strictly,give stricter loan terms and strictly implement loan contracts.According to the principle of market-oriented operation,banks will conduct in-depth investigation and analysis of private enterprises with higher operating performance and stronger growth ability,so as to relax the overly stringent loan conditions for private enterprises,and provide longer-term loan resources,so as to effectively improve the ownership discrimination in the allocation of credit resources between state-owned enterprises and private enterprises.The innovations of this paper are as follows:Firstly,scholars have not reached a consistent conclusion about whether there is ownership discrimination in credit resource allocation in China.This paper studies the allocation of credit resources from the perspective of property rights,which is helpful for re-examining and resolving the difficult and expensive financing problem of private economy in China at the present stage.From the perspective of property rights,it breaks the preference and discrimination of credit resource allocation in state-owned enterprises and private enterprises,solves the problem of weak economic growth,improves the efficiency of credit resource allocation,promotes the growth of national economy by improving the efficiency of resource allocation rather than increasing the scale of resources,stimulates economic vitality and fosters new economic growth points.This paper uses the data of listed companies from 2007 to 2017 to make an empirical study on this issue.The data cover many types of enterprises in China's stock market,such as Shanghai and Shenzhen motherboard,GEM and New Third Board,which enhance the credibility of this study and enrich the relevant literature of this kind of research.Secondly,the impact of monetary policy on credit resources has been studied,focusing on the impact of monetary policy on the total supply of credit resources,the creation of bank liquidity,and less on the impact of monetary policy on the allocation of structured credit resources between state-owned enterprises and private enterprises.A small number of literatures have studied the differences,but they are limited to the level of bank loan scale,and do not involve the differences of credit term structure and credit financing cost.This paper analyses the impact of monetary policy on the difference of credit resource allocation between state-owned enterprises and private enterprises.It covers the scale,term structure and financing cost of credit resource allocation.It also analyses whether loose or tight monetary policy will significantly improve or reduce the difference between state-owned enterprises and private enterprises,or not.This study is conducive to the effective implementation of China's monetary policy,alleviating the financing difficulties of private enterprises,and improving the efficiency of credit resources allocation in China.Thirdly,institutional environmental impact on resource allocation efficiency is the most important factor affecting economic growth and economic development of all countries.Based on the fact that China's economy is in the stage of transition and financial development is in the stage of deepening reform,as well as the fact that China has a large area,and there are great differences in economic development level and institutional environment between different regions,this paper chooses three institutional variables,government intervention,financial development and legalization level,to study the impact of ownership discrimination in credit resource allocation,which will help us deepen our research.Understand the institutional root of the difference in credit resource allocation between state-owned enterprises and private enterprises.From the realistic level,in the current situation of private enterprises'development and financing difficulties,it is helpful to improve policy measures from the institutional environment level to support private enterprises and small and micro enterprises' financing,boost private economic confidence,and promote the coordinated development of macro-economy with high quality.Fourthly,in the course of the research,this paper combines with the credit practice of commercial banks,which not only improves the credibility of the empirical results,but also provides the corresponding academic support for the credit practice of commercial banks.The policy suggestions of this paper are as follows:We should re-examine and solve the problem of difficult financing for private enterprises and the reluctance of banks to lend.We should adhere to the important policy of "two unshakable" and break the preference and discrimination of credit resource allocation between state-owned enterprises and private enterprises.Effectively improve the quality of private enterprises,improve the availability of private enterprises financing.We will further deepen the reform of the banking system,vigorously develop financial markets and broaden financing channels for enterprises.We should strengthen policy communication and coordination,especially pay attention to the adjustment of monetary policy.We should further improve the institutional environment and improve the degree of ownership discrimination in the allocation of credit resources through the promotion of the institutional environment.Reviewing the current economic restructuring,the lack of new growth points and the high leverage rate of enterprises in China,we should optimize the allocation of credit resources to promote the effective allocation of capital,manpower and natural resources,and improve the productivity of enterprises and national income.