我国区域资本配置效率的实证研究

利用Jeffrey的弹性系数法,以我国31个省(市、区)1995~2006年的面板数据为样本,从区域层面研究了我国的资本配置效率。首先估计出我国资本配置效率值为0.428,然后动态地分析了各年的资本配置效率及其波动成因,最后分析了我国31个省(市、区)的资本配置效率,从政府对经济的参与度、对外开放度、投资主体结构、金融深化度以及人力资本的集中度等方面分析了造成地区资本配置效率差异的原因,并就如何优化各地的资本配置提出了建议。

Empirical Analysis on Efficiency of Regional Capital Allocation in China

Based on the panel data from 1995-2006 of 31 Chinese provinces,this paper analyzes the regional capital allocation efficiency through adopting Jeffrey's model.Firstly it estimates the general capital allocation coefficient of China is approximate 0.428 and explains its fluctuation in the last 12 years,then compares the efficiency difference of each province through analyzing some critical factors,including the distance of government intervention,opening degree,the structure of investors,finance development and integrating of human resource.Finally,this paper gives some suggestions on how to improve the regional and general capital allocation efficiency of China.