我国工业行业资本配置效率差异解析

Analysis of discrepancy in the capital allocation efficiency of China's Industry

本文基于Jeffrey Wurgler的资本配置效率模型,采用面板数据的固定效应模型和变系数模型对2001-2006年中国32①个工业行业的资本配置效率进行实证分析的结果显示:中国工业的资本配置效率整体较低且波动较大;工业内部各行业的资本配置效率差异大,具有行业垄断性质的能源资源产业资本配置效率高,传统制造业和装备制造业配置效率低;中国工业的资本配置效率存在很大的区域差异,中部地区工业资本配置效率最高,西部次之,东部地区最低。

Based on Jeffrey Wugler＇ s capital allocation efficiency model, this article explores the capital allocation efficiency of china＇ s 32 industries in the period of 2001 to 2006, using the fixed effect model and coefficient- changing model of panel data. The results are： the general allocation efficiency is low with great fluctuation; the allocation efficiency inside the industries varies greatly, and the industries with the character of monopoly have high efficiency while the traditional manufacturing and equipment manufacturing industry have low efficiency; there are also regional discrepancy in the capital allocation efficiency, and it is higher in the middle and west region than in the east region.