基于面板数据的中国资本配置效率研究

基于 Jeffrey Wurgler 的方法,本文提出了一种新的基于面板数据的资本配置效率模型。使用我国39个工业行业的数据度量了90年代资本配置效率,发现从1991年到1999年我国资本配置效率的年平均值为0.0311到0.0375之间,属于很低的水平。自发投资增长指数的大小与国家产业政策的倾斜、高新技术发展方针、产业调整与转移的方向、产业国际竞争力的态势以及市场供求情况基本一致。经济增长仍然是投资主导型的,属于外延扩张的阶段,金融市场应有的资本高效优化配置的机制没有建立起来。本文还分析了相应的金融现象。

THE EFFICIENCY OF CAPITAL ALLOCATION IN CHINA

Following Jeffrey Wurgler's model,this paper proposes a panel data model to measure the efficiency of capital allocation.Using the data of 39 industries in China in the 1990s,we find that the mean of capital allocation efficiency is between 0.0311 and 0.0375 in 1990s, which is very low.On the whole,the growth rate of spontaneous investment is consistent with the national industrial policy,international competition,and market demand.The economic growth is still dominated by investment,and financial market ha...