金融发展、资本配置效率与出口绩效——基于省际工业行业面板数据的经验研究  

Financial Development, Capital Allocation Efficiency and Export Performance An Empirical Study based on Cross-Provincial Industrial Panel Data

作　　者：朱豪迪 张亚斌 雷日辉 Zhu Haodi/Zhang Yabin/Lei Rihui

机构地区：湖南大学经济与贸易学院,湖南长沙410079

出　　处：《上海金融》2012年第2期3-8,共6页Shanghai Finance

基　　金：本文获得国家自然科学基金项目《中国对外贸易包容性增长的机制及实证研究》（71173069）支持.

摘　　要：本文借鉴Wurgler（2000）的模型．运用27个工业行业的面板数据测算出2003—2009年间我国30个地区资本配置效率的平均值为O．517，且沿海的资本配置效率普遍高于内地，东部地区的资本配置明显高于中、西部；使用系统广义矩估计方法，发现金融发展、资本配置效率对出口总额及出口增长率都具有正向的影响，验证了金融发展可以通过资本配置效率这一渠道对出口绩效产生积极的影响。With China＇s cross-provincial panel data of 27 industries from 2003 to 2009 as sample, this paper uses Wurgler （2002） model to estimate that the average capital allocation efficiency of China＇s 30 regions is 0.517. It also finds out that capital allocation efficiency of the coastal areas is higher than that of the inland, and capital allocation efficiency of the eastern areas is obviously higher than that of the central and western areas. Using the System GMM method, we finds out that financial development and capital allocation efficiency are positively related to the export and export growth, and verified that financial development has positive effects on export performance through the channel of capital allocation efficiency.

关 键 词：金融发展 资本配置效率 出口绩效 

分 类 号：F14[经济管理—世界经济] F830[经济管理—金融学]