The Misallocation of Finance
利用中美制造业企业数据，将错配测量框架扩展到资产负债表负债端，发现中国存在显著的债务和股权错配，若按美国效率重新配置负债，中国实际增加值可提升51%至69%。
ABSTRACT We estimate real losses arising from the cross‐sectional misallocation of financial liabilities. Extending a production‐based framework of misallocation measurement to the liabilities side of the balance sheet and using manufacturing firm data from the United States and China, we find significant misallocation of debt and equity in China but not the United States. Reallocating liabilities of firms in China to mimic U.S. efficiency would produce gains of 51% to 69% in real value‐added, with only 17% to 21% stemming from inefficient debt‐equity combinations. For Chinese firms that are large or in developed cities, we estimate lower distortionary financing costs.