我国资本配置效率空间计量研究——基于投资主体结构变迁的视角

A Study on the Efficiency of Capital Allocation:From the Perspective of Spatial Econometrics——Based on the Change of Investor Structure

本文利用西部大开发以来各省区的数据构造了空间计量模型,借鉴JefferyWurgler(2000)提出的行业投资弹性系数模型,测算了西部大开发以来我国民间资本、国有资本以及FDI的配置效率。结果发现,国有资本配置效率最低,民间资本配置效率最高,FDI配置效率居中。但是和发达国家相比,这三者的资本配置效率均较低。为提高各投资主体的资本配置效率,本文认为金融体制与投资体制改革最为关键。

This paper builds a spatial econometric model by using the provincial level data since the development of the western regions in China. Utilizing Jeffery Wurgler （2000） model which proposed the sector investment elasticity, this paper measures the efficiency of capital allocation and draws a conclusion that the efficiency of stated-owned-capital allocation is the lowest, the efficiency of private-capital allocation is the highest, and the efficiency of FDI-capital allocation is in the middle. But all of them are lower comparing with that in the developed countries. This paper believes that the reform of financial and investment systems is the key to improving the efficiency of the capital allocation.