基于低碳经济视角的资本配置效率研究——来自中国工业的分析与检验

Study on Capital Allocation Efficiency in a Low Carbon Economy Development Perspective

在能源约束愈来愈强、碳排放制约日益刚性化、微观创新能力不足的当前,从低碳经济发展而非规模扩大的角度来衡量资本配置效率更符合中国经济发展的内在要求。本文以节约能源、减少排放、促进绿色技术的进步为经济低碳化基本内涵,建立了低碳经济发展与资本流动之间的联系,探讨了中国资本配置效率及其影响因素。结果显示,近年来中国工业整体上已向集约型增长方式转变;从低碳经济发展的角度而言,中国工业资本的流向是有效的,但2005年以后配置效率有所降低;高技术行业对中国工业低碳式增长的贡献较大,但资本流入增速相对较小。

With the increasingly strong energy constraints, rigidity environ- mental constraints and lack of innovation, analysis on capital allocation in perspec- tive of low carbon economy development rather than output value is more consistent with the inherent requirements of China＇s economic development. This paper constructs saving energy, reducing emissions, promoting technological progress as the basic framework of low carbon development, builds the link between low carbon development and capital flows, discusses the efficiency of capital allocation in China and its influencing factors. The conclusions are： in recent years, Chinese industry as a whole has been an intensive growth mode; from the perspective of low carbon development, China＇s industrial capital flows are efficient, but efficiency was de- creased after 2005; high - tech industry on the Chinese industry＇s growth rate of capital inflows is relatively small. Finally, policy recommendations based on factors analysis to improve the efficiency of capital allocation are given.