我国区域资本配置效率的实证研究  

Empirical Study on the Efficiency of Regional Capital Allocation in China

作　　者：郭炜[1] 许可[2] 李双玲[1] 

机构地区：[1]华中科技大学管理学院,湖北武汉430074 [2]北京物资学院期货研究所,北京101149

出　　处：《武汉理工大学学报（社会科学版）》2014年第4期575-580,共6页Journal of Wuhan University of Technology:Social Sciences Edition

基　　金：教育部人文社科项目(09YJC790102);湖北省软科学基金(2013BDF009);华中科技大学中央高校基本科研业务费专项资金资助

摘　　要：采用Wurgler的资本配置效率模型,对我国2000-2010年间31个省份的统计数据进行回归分析,研究发现,我国的总体资本配置效率呈波动上升的趋势;东中西三大区域的差异十分显著,东中西三大区域资本配置效率呈依次递减的趋势,但是三大区域的横截距却依次递增;在此基础上进一步对资本配置效率的影响因素进行了分析,发现地方政府财政支出过度是导致部分区域资本配置效率较低的重要影响因素,国有资本投资和外商直接投资也不同程度地解释着这种差异。最后,提出了相应的优化资本配置效率的建议。Based on Jeffrey Wurgler＇s model of efficiency of capital allocation,this paper used the statis-tical data from year 2000 to 2010 of 31 Chinese provinces to conduct regression analysis.The results showed that the whole efficiency of capital allocation had a fluctuated upward trend.The differences of the capital allocation efficiency in eastern,central and western area were significant and decreasing. Then this paper analyzed the influence factors and found the excessive fiscal expenditure of local gov-ernment was the important influence factor,and state-owned investments and FDI investments could be used to explain the difference from a certain extent.At last,this paper put forward policy recom-mendations to optimize the efficiency of capital allocation.

关 键 词：区域差异 资本配置效率 面板数据 

分 类 号：F830.59[经济管理—金融学]