我国资本配置效率影响因素的实例分析.pdfVIP

《上海金融》 年第 期 金融与经济 2011 8 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ! ! ! ! ! 我国资本配置效率影响因素的实证分析 ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 1 2 金雪军 ，王永剑 （ ， 浙江大学经济学院， 浙江杭州 310017 ） 1 2 摘要： 本文选取我国各省 1991-2008 年的数据，构建面板数据，以投资效果系数作为测度资本配置效率的 指标，通过对金融发展等影响资本配置效率的因素进行实证检验，得到以下结论：我国自 1991 年至2008 年期 间，资本配置效率基本处于持续下降状态，除资本配置效率与银行贷存比和进出口总额成正比之外，其他因素如 外商直接投资、政府对经济的干预、非国有经济的发展和基础设施等因素对资本配置效率均主要起负面作用。 关键词： 资本配置效率；影响因素 ；投资效果系数 中图分类号： 文献标识码： 文章编号： （ ） F830 A 1006－1428 2011 08-0023-05 Abstract: The article selects provincial data from 1991-2008 to construct panel data, uses effect coefficient of investment as indicator to measure capital allocation efficiency, and conducts an empirical analysis of influential fac- tors of capital allocation efficiency such as financial development. The conclusion is that Chinas capital allocation efficiency continuously declined from 1991 to 2008; except for banks loan-to-deposit ratio and total volume of im- ports and exports, which are positively correlated to capital allocation efficiency, other factors such as FDI, govern- ments intervention in the economy, the development of non-state economy and infrastructure are negatively correlat - ed to capital allocation efficiency. Key words: Capital Allocation Efficiency; Influential Factor; Effect Coefficient of Investment 一、引言 本配置效率，可以用边际资本产出比率(ICOR ) ，它表 资本配置效率是指将稀缺的资本资源