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本文讨论了债务融资合约实施效率对地区比较优势形成的作用机制。模型分析表明,地区的合约实施效率越高,事前债务合约中签订的贷款利率越低,企业融资规模越大,最终产品相对价格更低,合约实施效率高的地区在资本弹性较高产业具有比较优势,即合约实施效率通过融资渠道对地区比较优势产生作用。地区合约实施效率的改进有助于地区资本弹性较高产业比较优势的获得。我们利用中国2006年地区分产业截面数据所做的经验研究支持了上述观点。本文的研究表明,对地区产业转型升级而言,政府所要关注的不仅是产业本身,而更重要的是要提高软环境的质量,尤其是要设法提高合约的实施效率。
This article discusses the mechanism by which the efficiency of debt financing contracts can contribute to the formation of regional comparative advantages. The model analysis shows that the higher efficiency of the contract implementation in the region, the lower the loan interest rate signed in the advance debt contract, the larger the financing scale of the enterprise, the lower relative price of the final product and the higher contracting efficiency of the contract in the industry with higher capital elasticity Advantages, that is, the effectiveness of contract implementation through the financing channels to play a comparative advantage in the region. The improvement of the efficiency of the implementation of the regional contract is conducive to the acquisition of the comparative advantages of the industries with higher capital elasticity in the region. This is supported by our empirical studies using China’s industry-specific cross-section data for 2006. The research in this paper shows that for the transformation and upgrading of industries in the region, the government should pay attention not only to the industry itself, but more importantly, to improve the quality of the soft environment and especially to improve the efficiency of contract implementation.