金融深化与地区资本配置效率的再检验:1999-2013

Financial Deepening and Local Capital Allocation Efficiency:1999-2013

国际学术界关于金融深化能促进经济增长和提高资本配置效率已达成共识,但国内学术界对于我国金融深化与资本配置效率的关系存在分歧。本文提出地区非国有企业负债占比以及地区非国有企业资产负债率与国有企业资产负债率的差额这两个新指标,以衡量地区金融深化程度。利用省际面板数据研究发现,地区金融深化程度的差异导致地区资本配置效率的不同,金融深化同时促进了地区第二、第三产业资本配置效率的提高。同时,我们还发现,经济周期会影响资本配置效率,第二产业在经济低迷期存在投资过度的现象,而第三产业在经济繁荣期投资相对不足;实际利率的提高有利于第三产业的投资增长从而提高资本配置效率。

It has become a consensus in the international academic circle that financial deepening plays an active role in promoting economic growth and enhancing the efficiency of capital allocation. However there exist some academic differences in the relationship between financial deepening and efficiency of capital allocation in China. In this paper, two new indexes, the proportion of non-state liabilities in total and difference between non-state and state asset-liability ratios were proposed to measure regional financial deepening degree. Using the panel data of the province, the paper found that the difference of regional financial deepening degree resulted in the difference of regional capital allocation efficiency, and the financial deepening also promoted the improvement of the efficiency of second and third industrial capital allocation. This paper also found that efficiency of capital allocation was affected by economic cycle. There were excessive investment in the secondary industry in the period of economic downturn, and investment in the third industry in the economic boom was relatively insufficient, with the increase of real interest rate boosting the investment of the service sector, thus facilitating the efficiency of capital allocation.