市场化程度、政府干预与地区资本错配

Degree of Marketization,Government Intervention and Regional Capital Misallocate

基于2000—2016年中国大陆31个地区省级面板数据,测度我国地区资本错配的情况,并在此基础上采用空间杜宾模型实证检验市场化程度和政府干预对本地和临近地区资本错配的影响。研究结果表明:各地区均存在着一定程度的资本错配现象,地区资本错配差异显著,东部地区资本错配程度较轻而中部西部地区资本错配程度较重。在控制其他影响因素之后,单独考虑市场的力量或者政府干预去配置地区内部资本要素,会加剧本地区资本错配,在市场和政府同时作用时,地区内部的资本错配现象会得到明显的改善。与此同时,地区资本错配在空间上具有显著的空间相关性,本地区市场化程度和地区干预对相邻地区的资本错配会产生一定程度的影响。

Based on the panel data of 31 provinces in China's Mainland from 2000 to 2016, this paper measures the regional capital mismatch in China, and then uses the spatial Durbin model to empirically test the impact of marketization and government intervention on the local and adjacent regional capital mismatch. The results show that there is a certain degree of capital mismatch in all regions. There are significant differences in regional capital mismatch. The degree of capital mismatch in the eastern region is lighter than that in the central and western regions is heavier. After controlling other influencing factors, considering market forces alone or government intervention to allocate capital elements within the region will aggravate the capital mismatch in the region. When the market and government act simultaneously, the phenomenon of capital mismatch within the region will be significantly improved. At the same time, regional capital mismatch has significant spatial correlation. The degree of marketization and regional intervention in this region will have a certain impact on the capital mismatch in adjacent areas.