资本配置效率、经济增长与空间溢出效应

Capital Allocation Efficiency, Economic Growth and Spillover Effect

本文基于我国31个省(直辖市、自治区)1996~2015年的省际面板数据,使用面板计量动态Arellano-Bond的方法,实证检验了资本配置效率及其与投资的交互作用对地区经济增长的影响,并且使用空间面板计量方法进行了稳健性检验。实证研究发现:第一,资本配置对经济增长的作用存在门槛效应,只有当投资达到一定规模之后,资本配置效率的提高,才可以促进地区经济增长;第二,资本配置效率与投资的交互作用对地区经济增长的影响存在显著的空间差异;第三,投资和资本配置效率的空间溢出效应均为正,但资本配置效率的空间溢出效应小于投资的空间溢出效应。

Based on the provincial panel data of China, this paper gives an empirical test of how the interaction of the efficiency of capital allocation and investment affect the regional economic growth, which used a method of Arellano-Bond dynamic panel econometrics, and with the Spatial Panel Econometric Method in the robustness test. The empirical study finds the following results. First, there is a threshold effect of the capital allocation efficiency. Only when the investment reaches a certain scale and the efficiency of capital allocation increases, can it promote regional economic growth. Second, how much the interaction between the efficiency of capital allocation and investment influence on regional economic growth differs greatly in different provinces. Third, the spillover effect of investment and capital allocation efficiency are positive, but the spillover effect of capital allocation efficiency is less than that of investment.