我国实体经济资本配置效率与行业差异

本文首先参考JeffreyWurgler( 2 0 0 0 )的“资本配置效率”模型 ,考察了我国1 993— 2 0 0 2年整体的资本配置效率 ,发现这十年间我国的资本配置效率为 0 1 60 ,处于较低水平。随后 ,通过模型的动态化 ,分析了 1 994— 2 0 0 2年间 ,我国每一年的资本配置效率变化。最后 ,本文建立了资本配置效率的面板数据模型 ,以较高的置信度计算出我国资本配置效率为 0 0 81 ,同时给出了各个行业的自发投资水平 ,并进行了扼要的行业分析。

Real Economy Capital Allocation of China with Industry Divergence

This paper first estimates the capital allocation efficiency of China from 1993 to 2002. Then a time variable is introduced to establish a dynamic model to evaluate the capital allocation efficiency of China from 1994 to 2002 individually and change tendency of the capital allocation efficiency during these years is also studied. Thirdly, by using the panel data model, which can give us each industry's position while providing a more precise estimation of the capital allocation efficiency for the whole economy, we revaluate the capital allocation efficiency of China and the industry analysis is implemented.