金融发展、资本配置效率与工业行业出口绩效研究  

Research on Financial Development,Capital Allocation Efficiency and Industrial Export Performance

作　　者：雷日辉[1] 张亚斌[2] 朱豪迪[2] 

机构地区：[1]深圳市房地产评估发展中心,深圳518040 [2]湖南大学经济与贸易学院,湖南长沙410079

出　　处：《经济经纬》2015年第3期54-59,共6页Economic Survey

基　　金：教育部哲学社会科学研究重大课题攻关项目(11JZD032);国家自然科学基金项目(711730691/G0301);国家软科学研究计划项目(2010GXS5D245)

摘　　要：笔者基于2003年~2010年我国24个工业行业动态面板数据,运用Wurgler模型测算了工业行业资本配置效率并利用系统广义矩估计方法实证检验了金融发展、资本配置效率对我国工业行业出口绩效的影响。研究发现:金融发展、资本配置效率对工业行业当期出口绩效均具有显著的促进作用;高金融发展水平行业拥有较大的外部融资规模,资本配置效率的提高使得丰裕的外部资金迅速流向具有出口优势的企业和项目,支持了行业当期出口绩效的提升;资本配置效率在一定程度上深化了金融发展对于工业行业出口绩效的影响,金融发展可以通过资本配置效率渠道对工业行业出口绩效产生积极作用。With the dynamic panel data of China's 24 industrial sectors from 2003 to 2010,this paper uses Wurgler model to estimate the efficiency of capital allocation of industrial sectors. And then the paper analyzes the impact of financial development and capital allocation efficiency on industrial export performance using System GMM method. The results show that:( 1) Financial development and capital allocation efficiency have significant effect on current export performance.( 2) The industries with higher level of financial development have a larger external financing scale. The rising of capital allocation efficiency makes abundant external funds quickly flowing to the export enterprises and projects with competitive advantage and currently supporting the improvement of industrial export performance.( 3) Capital allocation efficiency can deepen the positive impact on export performance of financial development. Financial development has positive effects on industrial export performance through capital allocation efficiency.

关 键 词：金融发展 资本配置效率 出口绩效 系统广义矩估计 

分 类 号：F832[经济管理—金融学] F424F752.62