金融发展对工业行业资本配置效率的影响

The Effect of Financial Development on Industrial Capital Allocation Efficiency in China

在新常态下,改善资本等要素配置效率是实现经济增长方式转变的重要途径。本文在资本账户开放以及深化金融改革背景下,结合金融规模和信贷规模门槛变量,采用非线性面板平滑转换回归模型实证检验国内资本和国际资本与资本配置效率的平滑渐进演变关系。研究发现,国际资本流入有益于提高中国工业行业的资本配置效率,但是,随着国内金融市场的发展,国际资本流入对资本配置效率的影响由正转负;同时,当国内金融市场发展水平较低时,国内资本增长反而降低了工业行业资本配置效率,随着国内金融市场的不断完善,该效应由负转正且呈增强态势。可见,在国内金融市场不发达时,引入外资有益于改善国内资本配置效率,并促进经济增长,随着国内金融发展,会放宽实体企业的融资约束以及国内资本充分流动,从而提高国内资本对资本配置效率的影响效应。此外,分行业的数据分析表明,大多数工业行业,如石油加工及炼焦加工业、黑(有)色金属冶炼及压延加工业、饮料制造业、金属制品业、化学原料及化学制品制造业等,其金融规模、信贷规模仍处于较为落后水平,国际资本流入依然有利于提升这些行业的资本配置效率。

Under the new normal, improving capital allocation efficiency is an important way to stimulate economic growth. On the base of capital account liberalization and financial deepening, this paper uses panel smoothing transition regression model to investigate the smoothing and evolutional effects of capital stock and foreign direct investment on capital allocation efficiency with the development of financial market, such as the development of financial size and credit scale. The estimated results show that international capital inflow is beneficial to improve the capital allocation efficiency in China, while the effect would change to be negative along with the development of domestic financial market. Furthermore, domestic capital would reduce capital allocation efficiency when the development of domestic financial market is low, while changes to be positive and increasing with the improvement of the domestic financial market. Therefore, when the domestic financial markets are underdeveloped, the efficiency of capital allocation can be improved through appealing to foreign capital, and then promotes economic growth. However, with the development of domestic financial market, the financing constraints of corporate entities would be relaxed, thus the domestic capital would crowd out foreign capital, and the sufficient flow of domestic capital would make the high level of financial development of the industry prefers to seek to be supported by domestic capital, and finally leading to improve capital allocation efficiency. In addition, the analysis based on the industry data also shows that the financial and credit scale of most industries, such as oil processing, coking ＆ nuclear fuel processing industry, colored metals smelting and pressing industry, ferrous metal smelting and rolling processing industry, beverage manufacturing industry, metal products industry and chemical industry ＆ chemical materials and chemical products manufacturing industry, is still a low level, therefore, international capital inflows remain conducive to improve the industry efficiency of the capital collocation.