云南省资本配置效率及其影响因素——基于35个工业行业面板数据的经验研究  

Capital Allocation Efficiency and Its Influence Factor in Yunnan Province:An Empirical Research Based on 35 Industries’ Panel Data

作　　者：黄宁[1] 杨洋[1] 党韡 Huang Ning;Yang Yang;Dang Wei

机构地区：[1]云南大学发展研究院

出　　处：《经济问题探索》2019年第10期44-53,共10页Inquiry Into Economic Issues

基　　金：国家社科基金青年项目“我国金融资源错配的形成、效应与纠正机制研究”(16CJL008)

摘　　要：促进资本高效率配置是推动全要素生产率增长进而实现经济高质量发展的重要方面。本文从资本配置效率的流动性内涵出发,构建行业层面云南资本配置效率问题研究的面板计量模型,并应用2011-2016年间35个工业行业的面板数据对云南的资本配置效率及其影响因素进行深入研究。研究结论显示,云南的资本配置效率无论从静态还是动态角度来看,都远低于全国的平均水平,资本配置有效性严重不足且逐渐恶化的特征非常显著,由信贷偏向所致的金融扭曲和由政府干预所致的政策扭曲是抑制云南资本配置效率的重要原因,同时,产业发展的稳定性具有促进云南资本配置效率改善的重要作用。加快推动金融市场结构完善、持续深化以市场化为核心的供给侧结构性改革、有效构建现代产业体系,是未来促进云南资本配置效率优化的关键所在。Elevating the efficiency of capital allocation is key to promoting the growth of total factor productivity and realize the high quality development of economy. Based on the liquidity connotation of capital allocation efficiency,the study constructs an industry level panel econometric model of capital allocation efficiency in Yunnan province,and makes a deep study on the capital allocation efficiency and its influence factors by using the panel data of 35 industries from 2011 to 2016. The results show that the capital allocation efficiency in Yunnan province is much lower than the national average both from static and dynamic aspects,and the effectiveness of capital allocation appears to be seriously inadequate and gradually deteriorated. The financial distortion caused by credit bias and the policy distortion caused by government intervention are the essential reasons to restrain the efficiency of capital allocation in Yunnan province.Meanwhile,the stability of industrial development plays an important role in promoting the efficiency of capital allocation in Yunnan province. Speeding up the improvement of financial market structure,continuously deepening the supply-side structural reform with marketization as its core,and effectively constructing the modern industrial system are the keys to optimizing the capital allocation efficiency in Yunnan province in the future.

关 键 词：资本配置效率 全要素生产率 测度 影响因素 

分 类 号：F830[经济管理—金融学]