中国高技术产业资本配置效率影响因素分析——基于行业特征视角

Analysis of Influencing Factors on the Capital Allocation Efficiency in Chinese High-tech Industries——Based on Industry Characteristics Perspective

基于中国高技术产业各行业2000—2013年的面板数据,利用Jeffrey Wurgler弹性系数模型测算我国高技术产业资本配置效率,并从行业特征角度研究中国高技术产业资本配置效率的影响因素。结果表明:(1)中国高技术产业整体资本配置效率较低,大部分产业仅在当期显著为正;(2)企业规模、行业成长性与资本配置效率呈显著正相关关系;而市场集中度、外资参与度、产权结构则对资本配置效率有显著负影响。

Based on the panel data of Chinese high-tech industries from 2000 to 2013,the paper estimates the capital allocation efficiency in Chinese high-tech industries by Jeffrey Wurgler Elasticity Coefficient Model,and analyzes the factors that may exert influence on this efficiency from the industry characteristics’ perspective. The result shows that：（1）the overall capital allocation efficiency in Chinese high-tech industry is quite low,and it is significantly postive only in current period for most of the industries;（2）there is a significantly possitive correlatien between corporatesize,industry growing capacity and capital allocation efficiency,while a significantly negative correlation between market concentration,foreign paticipation,property right and capital allocation efficiency.