Study On The Influence Of Bank Credit Allocation On TFP Of Private

Since China's economic transformation,the vitality of Chinese private enterprises has burst forth,playing an irreplaceable role in promoting China's economic development.Pointed out at 19 th CPC National Congress,China's private enterprises account for 40%,50%,60%,70% and 80% respectively in resource consumption,tax payment,GDP creation,technological innovation and job supply the proportion of private enterprises in the national economy development,promote innovation,increase employment,etc,has become the main force to promote the development of our country's economy.The contribution of private enterprises to China's economic development should not be underestimated,but their development is still facing many bottlenecks and constraints.How to further remove the obstacles to the development of private enterprises and release the development vitality of enterprises has become a hot topic of current scholars' research.Any enterprise development is inseparable from the support of funds,especially private enterprises.But during the transition period,one of the important issues facing China is corporate financing.According to the world bank's investment climate survey,China is the worst financing environment among the 80 countries in the world in 1999-2000.Bank credit allocation under the influence of national policies and the mechanism of capital seeking profits,there exists serious "ownership discrimination" and "scale discrimination",which makes bank credit flow mostly to state-owned enterprises,resulting in strong external financing constraints for private enterprises and restricting the improvement of the development level of private enterprises.However,although private enterprises are faced with strong external financing constraints in the current financing background,since the reform and opening up,China's private enterprises have grown from nothing,from weak to strong,and gradually developed into the most active part of economic growth in the national economy.This leads to a question worth thinking about.Under the background of bank credit rationing,how can private enterprises realize their own development and promote China's economic growth?Does the allocation of bank credit promote the development of private enterprises in other ways?This paper explores the relationship between the allocation of bank credit and the development of private enterprises.After reading a large amount of literature,we found that with the gradual refinement of industrial division of labor,in the development of enterprises,the role of industrialsupporting mechanism is increasingly prominent.The improvement of the development level of the upstream enterprises can significantly promote the development of the downstream related enterprises,which leads to our thinking: does the allocation of bank credit(to state-owned enterprises)indirectly promote the development of private enterprises through the role of industrial association?Based on the above analysis,this paper puts the bank credit allocation and the total factor productivity of Chinese private enterprises into a unified analysis framework.From the perspective of industrial correlation,we verify the relationship between them.The main research conclusions are as follows:(1)the flow of bank credit to state-owned enterprises inhibits the development of private enterprises in the same industry,but it will promote the development of private enterprises in the same industry The improvement of the development level of the downstream private enterprises;(2)the positive spillover of the upstream state-owned enterprises is more obvious for the private enterprises with large scale and high market competition;otherwise,it is not significant;(3)the positive spillover of the bank credit of the upstream state-owned enterprises is smaller or even negative for the industries closely connected with the infrastructure sector.The research of this paper can not only explain the "mystery" of promoting economic development under the background of external financing faced by private enterprises,but also reveal the rationality of the existence of bank-dominated financial system from another perspective,providing us with a new way to analyze and solve the problem.