省际资本流动的制度经济学分析

An Institutional Economics Analysis on Provincial Capital Mobility

本文测算了1997～2007年中国省际间资本流动规模,并从制度经济学的视角实证研究了制度环境对省际资本流动的影响。研究发现:东部和中西部地区分别为资本净流入和净流出地区,省际资本流动呈现不均衡格局;制度环境是决定省际资本流动的重要因素,加强产权保护、降低非税负担和缩小政府规模能够显著促进地区资本净流入,减少政府对企业的干预也有利于地区资本净流入。因此,中西部地区要改变资本净流出态势,必须切实改善当地的制度环境。

This paper measures the scale of China＇s provincial capital mobility, and analyses the institutional environment＇s effect on it in the aspect of institutional economics. The result shows that： In recent years the Eastern and the Midwestern regions are net capital inflow and outflow regions respectively, and the non-equilib- rium status of provincial movement of capital has not fundamentally changed; Insti- tutional climate is an essential element to determine the provincial capital mobility, and strengthening the protection of property rights, cutting down untaxed burden and shrinking the size of government contribute to regional net capital inflows, while reducing government intervention is beneficial to net capital in- flows. Robustness check further supports the conclusion of econometric study. Therefore, in order to change the situation of the net capital outflow, the Midwest needs to effectively improve the environment of the institution.