基　　金：国家社科基金重大招标项目“十二五”期间加快推进我国产业结构调整研究”（批准号：IOZD＆011）和教育部新世纪优秀人才支持计划项目“经济全球化与中国产业经济发展”的阶段性研究成果

　　摘　　要：在一个自然实验的框架下，本文考察了加入世界贸易组织后银行体制的变化对中国工业重构的影响。本文发现，银行部门的市场化促进了企业层面的重构和全要素生产率的改善。不过，银行体制的变化对盈利能力不同的企业产生了不同的影响，它在推动盈利能力较强的企业的重构和全要素生产率增长的同时，加剧了产业内不同企业之间生产效率的分化，进而激发了产业层面的重组和跨企业的资源再配置。这个创造性破坏的过程中，产出创造率远远高于产出破坏率，并且跨企业的资源配置效率呈现明显改善的趋势。于是，银行部门的市场化推动了中国工业部门的增长和全要素生产率的改善。这些结果表明，在中国工业部门面临产能过剩和潜在增长率下降的情况下，进一步推动银行部门的改革对于工业部门的结构调整、增长和全要素生产率的改善具有重要意义。

　　Utilizing a natural experiment, this paper investigates how the reform of the banking system affects industry restructuring. We find that marketization of banking system promotes the adjustment of firm＇s restructuring and growth of firm-level TFP. However, the impact of bank reform depends on firm＇s profitability. It promotes the restructuring of firms with strong profitability, while hindering the improvement of TFP of firms with weak profitability. Thus, changes of financial institutions stimulate restructuring of industry. In the process of creative destruction, rate of output creation is much more than rate of output destruction, and the efficiency of resource allocation across firms is improved. Through these channels, marketization of banking system facilitates the growth of industrial output and TFP. These findings suggest that, in the case of China＇s industrial sector is facing overcapacity and decline in the potential growth rate, further promoting market-oriented reforms of the banking sector is of great significance for the structural adjustment, growth and TFP improvement of industry.

　　关 键 词：银行体制的变化 信贷配置 工业重构

　　Change of Banking System Allocation of Credit Industrial Restructuring