我国资本配置效率影响因素的实证分析

An Empirical Analysis of Influential Factors of China's Capital Allocation Efficiency

本文选取我国各省1991-2008年的数据,构建面板数据,以投资效果系数作为测度资本配置效率的指标,通过对金融发展等影响资本配置效率的因素进行实证检验,得到以下结论:我国自1991年至2008年期间,资本配置效率基本处于持续下降状态,除资本配置效率与银行贷存比和进出口总额成正比之外,其他因素如外商直接投资、政府对经济的干预、非国有经济的发展和基础设施等因素对资本配置效率均主要起负面作用。

The article selects provincial data from 1991-2008 to construct panel data,uses effect coefficient of investment as indicator to measure capital allocation efficiency,and conducts an empirical analysis of influential factors of capital allocation efficiency such as financial development.The conclusion is that China＇s capital allocation efficiency continuously declined from 1991 to 2008;except for bank＇s loan-to-deposit ratio and total volume of imports and exports,which are positively correlated to capital allocation efficiency,other factors such as FDI,government＇s intervention in the economy,the development of non-state economy and infrastructure are negatively correlated to capital allocation efficiency.