Government Intervention,Market Efficiency and Allocation of Credit Resources:Based on the Perspective of New Structural Economics
It is of great significance to better play the role of the government under the premise of market-oriented allocation of credit resources.This article aims to incorporate implicit government guar-antees into the theoretical framework of corporate debt financing,and analyze the impact of government intervention and market effectiveness on credit resource allocation from the perspective of new structur-al economics.Theoretical analysis shows that there is a dynamic complementary relationship between the government and the market.When the market is not efficient enough,government intervention can improve the efficiency of credit resource allocation;When the market is sufficiently efficient,the allo-cation of credit resources should be led by the market.Empirical studies have shown that implicit gov-ernment guarantees significantly reduce the cost of corporate debt financing,and market efficiency plays a positive regulatory role in this process.At the same time,implicit government guarantees can al-so improve the efficiency of credit resource allocation.This study provides theoretical support and em-pirical evidence for the perspective of the synergy between government and market in the new structural economics.
implicit government guaranteedebt financing costcredit allocation efficiencynew structural economics
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