中国高技术产业资本配置效率差异的实证研究

An Empirical Study on the Capital Allocation Efficiency Discrepancy of the High-tech Industries of China

基于Jeffrey Wurgler资本配置效率模型,采用截面数据和面板数据模型,对中国1996-2009年17个高技术产业的资本配置效率进行实证分析。结果显示:中国高技术产业的资本配置效率整体较低,且年度波动大;中国高技术产业内部各行业的资本配置效率差异大,市场需求大的行业资本配置效率较高,外贸依存度高的行业资本配置效率低;中国高技术产业的资本配置效率存在很大区域差异,由于市场化水平、金融深化程度的差异,东部地区最高,中部地区次之,西部地区最低。

Based on Jeffrey Wurgler（ 2000） capital allocation efficiency model, this paper uses sectional and panel data model, empirically analyzes the capital allocation efficiency of the 17 high-tech industries of China from 1996-2007. The result shows： the capital allocation efficiency of the high-tech industries of China is generally low with comparatively great fluctuation; the capital allocation efficiency of the high-tech industries of China exists comparatively great difference in industries; the capital allocation efficiency is comparatively high in industries of great market demand, and low in industries of high degree of international trade dependence; the capital allocation efficiency of the high-tech industries of China exists comparatively great regional difference. Due to differences in degree of marketization, and financial deepening, the capital allocation efficiency of the east region is the highest, the middle region takes the second place and the west region takes the least.