金融发展、金融市场化与实体经济资本配置效率  

Financial Development,Financial Marketization and Capital Allocation Efficiency of the Real Economy

作　　者：戴伟[1,2] 张雪芳[2] 

机构地区：[1]华中科技大学管理学院,湖北武汉430074 [2]湖北理工学院经济与管理学院,湖北黄石435003

出　　处：《审计与经济研究》2017年第1期117-126,F0003,共11页Journal of Audit & Economics

基　　金：国家自然科学基金项目(71473074);教育部人文社会科学研究青年基金项目(13YJCZH028);湖北省教育厅人文社会科学研究重点项目(16D101)

摘　　要：在对Wurgler的资本配置效率估算模型进行修正的基础上,实证检验了我国金融发展和金融市场化水平对实体经济资本配置效率的影响,研究表明:金融市场化显著优化了我国实体经济资本的配置,而我国以银行信贷为主体的金融体系的发展虽然促进了实体经济资本配置效率的提高,但效果不明显。研究还发现:在所引入的控制变量中,经济发展水平对资本配置效率的影响显著较大。进一步分区域回归结果显示,经济越发达的地区,金融市场化程度越高,其优化作用越显著,但随着地区经济发展,经济发展水平自身对资本配置的优化作用在减弱。In this paper, based on Wurgler＇s corrected estimation model of capital allocation efficiency, we did an empirical test of the impact of financial development and financial marketization level on capital allocation efficiency of the real economy. The results show that the financial marketization significantly optimizes the capital allocation of the real economy, meanwhile, bank credit as the main financing system has promoted the improvement of the capital allocation efficiency of the real economy, but the effect is not obvious. In addition, we also found that in the control variables introduced, the impact of the level of eco- nomic development capital allocation efficiency is significantly larger; a,ad by further sub-regional regression results show that the more economically developed areas, the higher the degree of financial marketization, the more significant its optimization. But with the regional economic development, the level of economic development itself on the optimization of capital allocation is weakened.

关 键 词：金融发展 金融市场化 实体经济 资本配置效率 金融体系 银行业结构 金融资本 金融资源配置 

分 类 号：F830[经济管理—金融学]