摘要
当资本配置不能进一步改善社会总福利时,资本配置达到了最优状态。资本配置的实际状态与最优状态的差异来源于两个方面:产权不清晰,以及存在配置成本。如果没有配置成本,企业追求利润最大化的行为会使各投资领域的资本收益率趋于相等。可以通过测度现实状态中各投资领域的收益率差异,来衡量配置成本对资本配置效率的影响。资本配置效率的其他损失来自于产权不清晰。
Capital allocation reaches the optimum when it cannot further improve overall social welfare. The disparity between actual capital allocation and the optimum steins from two aspects： unclearly defined property rights and allocation cost. Without allocation cost, firm＇s behavior in pursuing the maximization of profit would tend to equalize return on investment in different areas. Differences in return on investment in various sectors can be estimated to measure the effect of allocation cost on capital allocation efficiency. Other loss in capital allocation efficiency comes from unclearly defined property rights.
出处
《贵州财经学院学报》
北大核心
2010年第2期17-22,共6页
Journal of Guizhou College of Finance and Economics
关键词
资本配置效率
配置成本
产权
capital allocation efficiency
allocation cost
property rights
