资本配置效率的地区差异及影响因素分析资本配置效率的地区差异及影响因素分析.pdf

山/ 西/ 财/ 经/ 大/ 学/ 学/ 报 2009 2 Journal of ShanXi Finance and Economics University Feb. , 2009 31 2 Vol. 31 No. 2 资本配置效率的地区差异及影响因素分析 许开国 ( 山东大学 经济学院, 山东 济南 250100) [ ] 文章利用 1991~ 2006 年25 个工业行业的数据构造了 138 组面板数据集, 借鉴 Jeffrey Wurgler( 2000) 提出的行业 投资弹性系数模型, 测算出我国各区域和各省资本配置效率结果发现, 东部中部和西部资本配置效率依次递减, 省际层面 资本配置效率差异显著在此基础上对资本配置效率省际差异的影响因素分别进行了截面和面板数据分析, 重点考察了地 区性行政垄断产品市场需求和金融发展水平的作用结果发现, 地区性行政垄断是阻碍资本配置效率提高的重要因素, 产 品市场需求市场化程度不同程度地促进了资本配置效率的提高, 而金融发展水平外商投资初始经济发展水平的解释力度 则很弱 [ ] 资本配置效率; 地区性行政垄断; 市场化 [ ] F123 [ ] A [ ] 1007- 9556(2009) 02- 003 - 06 Empirical Study on Divergence of Capital Allocation Efficiency in China and Its Influence Factors XU Kai- guo ( Economics School, Shandong University, Jinan 250100, China) Abstract:This paper constructs 138groups of panel data sets by using data of the 25 industries from 1991 to 2006, then measures regional and provincial capital allocation efficiency, the results show that the eastern, central andwestern parts of the allocation of capital efficiency are reduced, and the differences of inter- provincial level of capital allocation efficiency is significant. Meanwhile, the author concerns the influ- ence factors of the provincial efficiency of capital allocation; finally, the author reaches a conclusion that local administrative monopoly serious- ly hinders efficiency of capital allocation. Product market demand, market- oriented level promote the efficiency of the allocation of capital and financial development, foreign investment, the initial level of economic development weakly explain the divergence of