资本配置效率与行业差异的实证分析:1998-2007——以广东为例

An Empirical Analysis of Capital Allocation Efficiency and Discrepancy among Industries in Guangdong Province from 1998 to 2007

本文利用广东省1998-2007年数据,考察广东省整体资本配置效率及36个工业行业资本配置效率的行业差异。研究发现这十年间广东省的资本配置效率为0.284,高于全国水平,但仍远低于世界平均水平。随后,通过动态模型分析,发现广东省资本配置效率十年间呈现出从高到低再到高的U型形态。最后,建立面板数据模型分析行业差异,根据自发投资水平大小将36个行业分成四大类,并结合实证结果提出投资方向优化建议。

In this paper,using the data from 1998 to 2007 in Guangdong province,we study the efficiency of capital allocation and discrepancy among 36 industrial sectors of industry.The study finds that the capital allocation efficiency in Guangdong reached to 0.284 in the last ten years,which was above average in China,but still belowed average in the world.Subsequently,through the dynamic model analysis,we find that the efficiency of capital allocation in Guangdong increased firstly and then decreased to form a U-shape.Finally,through a panel data model analysis about the industry discrepancy,we propose optimization suggestions of investment with empirical results.