投资增长、效率改进与信贷配置机制:来自分省数据的经验

Investment Growth,Efficiency Improvement and Credit Allocation Mechanism:Experiences based on Provincial Data

投资是理解中国经济发展模式的重要维度,从分省投资的视角探讨投资增长、投资效率改进与信贷配置体系的关联机制,发现相较于全国总量投资增长而言,分省投资表现出较强的顺周期性和区域结构差异等特征;应用1978—2007年间分省动态面板数据的实证研究表明,在控制政府公共资本提供和市场化进程等因素后,信贷体系的流动性支持机制是导致分省投资率维持在高水平的重要变量。然而,从借助DEA测度的投资效率指标和信贷配置的关联性看,信贷体系的资源配置效率有待进一步提升。结合中国转型期的体制背景,有必要进一步推进投融资体制改革,矫正间接融资体系的资源配置功能。

The issue of investment is an important dimension in understanding the model of China＇s economic development.From the perspective of provincial investment,this paper explores the linking mechanism on investment growth,efficiency improvement and credit allocation system.Compared with the total investment growth nationwide,provincial investment shows a relatively strong pro-cyclicality feature,the disparity in regional structure,etc.With the provincial dynamic panel data during 1978-2007,the empirical study indicates that the liquidity support mechanism in credit system is an important variable leading to high-level provincial investment efficiency after the control over public capital supply and marketization process.However,from the link between DEA analysis of investment efficiency index and credit allocation,the resource allocation efficiency should be further enhanced in credit system.Combined with the institutional background in China＇s transformation period,it is necessary to further push forward the reform in the investment and financing system with a remedy in the function of resource allocation in the indirect financing system.