基于行业视角的资本配置效率研究——以山东省为例

The Research on the Capital Allocation Efficiency Based on the Perspective of the Industry——A Case of Shandong Province

提高资本配置效率是实现经济转型升级的必要条件。本文以山东省为例、基于行业视角的实证研究发现,区域传统优势产业的资本配置效率相对更高。鉴于此,各地在实施供给侧改革过程中,应避免采取一刀切政策。首先应立足本地资源禀赋和行业比较优势,促进传统优势产业转型升级。在此基础上,通过发展直接融资和金融新兴业态,激发金融对供给侧改革的支持和引导作用,促进地区民营经济、高新技术产业和现代服务业发展,以提高区域资本配置效率。

Improving the capital allocation efficiency is a necessary condition for realizing the economic transformation and upgrading. Taking Shandong province as an example, based on the perspective of the industry, the empirical study finds that the capital allocation efficiency of the regional traditional advantageous industry is relatively higher. In view of this, the supply-side reform policies should be carried out according to the reality in different regions. First of all, measures should be taken based on the comparative advantages of local resources endowment and industry to promote the transformation and upgrading of the traditional advantageous industries. On this basis, through developing the direct financing and new financial industry formats, measures should be taken to stimulate the financial support and guide for the supply-side reform, promote the development of the regional private economy, high-tech industry and modern service industry in order to improve the regional capital allocation efficiency.