资本形成效率探究

A Study On Capital Formation Efficiency

基于"投资—资本—产出"的经济学逻辑,本文提出资本形成效率的概念,即单位投资形成的资本的比例。经过调整和计算,我们发现中国的资本形成效率近年来呈下降趋势,从2003年的93%下降到2010年的77%。我们进而分析了导致资本形成效率下降的影响因素。在对全国31个省份数据进行多元回归分析后,我们发现民营经济投资比重是影响资本形成效率的显著负向因素。其原因是民营企业处于相对弱势的地位,交易成本较高,投资产生了损耗,没有足额形成资本。因此,本文认为应大力加强对民营经济的保护,减少政策歧视和制度壁垒,有效惩治腐败,精简行政审批,并建立相应法治保障。

Based on the economic logic of the Investment-Capital-Output process, this paper proposes the concept of Capital For- mation Efficiency, which is the proportion of the capital formed by a unit investment concerning the first phase of the Invest- ment process. After careful calculation, this paper reaches the conclusion that the capital formation efficiency in China declined during the last decade, from 93% in 2003 to 77% in 2010. Empirical tests have been made on the data of all provinces in Chi- na, demonstrating that the proportion of private investment is a factor that causes a significant negative impact on the efficien- cy of capital formation. The reason for this is that transaction costs of private enterprises are much higher than the SOEs. Therefore, it＇s necessary to provide a more equal environment to protect the private enterprises in China, especially in terms of providing financial support and fair treatment given by the government.