金融发展、市场化与服务业资本配置效率

Financial development, Marketization and capital allocation efficiency of the service industry

本文借鉴Jeffrey Wurgler的资本配置效率模型,对2004—2011年服务业资本配置效率进行测算发现,中国服务业资本配置整体有效,但表现出较为显著的波动性;服务业资本配置效率存在显著区域、省际和行业差异,城市化与经济发展水平较低的地区、工业成长性和价值创造力强的省份、垄断性质或公共服务性质较高的行业,资本配置效率低或无效。对影响服务业资本配置效率的因素进行实证分析发现,市场化进程和以银行存贷款额、贷存比率、股票交易额衡量的金融发展对服务业资本配置效率具有促进作用,以保险密度、保险深度衡量的金融发展对服务业资本配置效率影响不显著。

Referring to Jeffrey Wurgler＇ s model of capital allocation efficiency, we estimate the capital allocation efficiency of the service industry from 2004 to 2011. We find that the efficiency in the whole industry is satisfactory, but it fluctuates ob- viously. It has significant difference in regions, provinces and industries. There is low efficiency or no efficiency in the regions with low level of urbanization and economic development, the provinces with great growth potentiality in industry and with powerful value creativity, as well as in the monopolistic industries or the industries of public services. The empirical analysis on the factors in- fluencing the efficiency finds that marketization process and financial development, which is measured by banking deposit and loan, the ratio between loan and deposit, and stock trade volume, have positive role in improving the efficiency. Meanwhile, such fi- nancial development which is measured by insurance intensity and depth has no significant impact on it.