【财税论坛】2015年第七期（总第96期）
时间：2015-05-25题目：Credit Constraint and Productivity Loss: Evidence from Chinese Manufacturing Firms
时间：2015年5月27日 星期三 12:30 – 14:00
地点：明德主楼610
报告人：张国雄
摘要：We study credit constraint’s impact on both within-sector and across-sector aggregate productivity within a highly tractable model featuring multi-sector Melitz’s style heterogenous firms with endogenous markups.The credit constraint is introduced as a working-capital constraint that originates from the asymmetric information between the borrowing firms and the monopolistic bank. With this framework, we are able to analytically show that credit constraint reduces within-sector aggregate productivity at both the extensive margine and the intensive margine. It also reduces across-sector aggregate productivity by distorting the allocation of labor across sectors from its first-best optimum. We then quantify our model using a large scale firm level data for Chinese manufacturing firms from 1998 to 2007. While the scale of credit constraint’s effect on misallocation (measured by TFP loss) is controversial among existing studies, our quantified model predicts this effect to be considerably large. We also throw that this effect is quantitatively robust with respect to various demand structures with endogenous markups.