市场化能提高金融资源配置效率吗？

Can Marketization Reform Improve the Efficiency of Financial Resource Allocation?

当前我国正在推行的市场化改革必然会带来政策环境和市场竞争环境的变化及资源配置效率的提升。选取2000-2012年间我国省际面板数据,运用DEA方法测算了我国省际金融资源配置效率,并结合市场化改革所面临的政策环境,实证研究了市场化与金融资源配置效率之间的相关性。研究发现,市场化以及金融发展水平对金融资源配置效率的正向影响仅当其所处的地区财政压力较大时才显著,而在财政压力较小时则不显著。财政压力加大了市场化程度与金融资源配置效率之间关系的敏感性。因此,要提高地区的金融资源配置效率,既需要提高地区市场化程度和金融发展水平,也要充分考虑地区的经济政策环境因素。

The market-oriented reform in China is expected to bring the changes in the policy environment and market competition,as well as promote the efficiency of resource allocation. Using the panel data from 2000 to 2012,this paper calculates the efficiency of financial resource allocation at provincial level by Data Envelopment Analysis（ DEA）approach. Taking the policy environment into account, this paper investigates the association between the extent of marketization and the efficiency of financial resource allocation. The results show that marketization and the level of financial development have positive effects on the efficiency of financial resource allocation only in the regions where the financial pressures are heavy,i. e.,financial pressure improves the sensitivity of marketization to the efficiency of the financial resource allocation. Therefore, the improvement of the efficiency of regional financial resource allocation relies both on the increase in regional marketization and economic policy environment.