市场化进程对资本错配的影响——基于行业的视角

Effects of Evolvement of Marketization on Capital Misallocation——Based on the Industries

市场化改革是否降低了资本错配的程度,进而提高了资本配置的效率？本文采用我国35个行业的数据,度量了2000~2012年不同行业的市场化水平与资本错配指数,并进行实证检验,结论表明：我国各行业都存在严重的资本错配,并表现为资本拥挤和资本稀缺两种情形,市场化进程显著改善了资本错配的情形,进一步优化了资本配置。此外,促进产权制度改革会降低资本错配的程度,融资成本、行业规模也对资本错配有显著的影响,但在资本错配情形不同的行业影响也不同,提高融资成本、扩大行业规模对改善资本拥挤的情形有积极的作用。

Whether the reform of marketization reduced the degree of capital misallocation and improved the efficiency of capital allo- cation. The paper analyzes the data of 35 industries in China and measures the situation of marketization and capital misallocation from 2000 to 2012, and then carrys on empirical test. The results show that： there are serious capital misallocation in China＇s industrial sectors, and it manifests capital congestion and capital scarcity, evolvement of marketization significantly improves the situation of capital misallocation, and then optimizes capital allocation. Furthermore, refonrming property rights system can also reduce the degree of capital misallocation. Borrowing costs, industry size has significant impact on capital misallocation, but it＇s different in the industries which capital misallocation has different situation. Increasing borrowing costs and expanding industry size have a positive effect to improve the situation of capital crowded.