金融发展、政府干预与资本配置效率——基于中国1978-2013年的经验分析

发布时间：2023-02-28 17:35

本文选题：资本配置效率 + 金融发展　；参考：《上海经济研究》2015年10期

【摘要】：该文从制度变迁的视角,厘清了金融发展和政府干预影响资本配置效率的内在机制,并进行了实证检验。首先,根据中国1978-2013年的省际数据,采用Wurgler(2000)模型测算了中国整体的资本配置效率。结果发现,以1994年分税制改革为界,中国资本配置效率呈现先升高后下降的结构性特点,且波动较大。其次,该文还构建了非国有企业信贷额占GDP比重等金融发展指标对上述结论进行实证分析。研究表明,在1994年以前,中国政府干预金融的力度较弱,主要通过财政支出对市场化的资本配置造成挤出,金融发展对资本配置效率具有显著的正向影响;而在1994年以后,中国政府干预金融的力度加强,金融发展对资本配置效率呈现弱的正向影响,其中,地方政府对金融体系的干预是导致资本配置效率下降的重要原因。因此,建立合理的财政体制和官员考察晋升制度是发挥金融体系对资本配置的效率并提高其正面效用的重要制度保障。
[Abstract]:From the perspective of institutional change, this paper clarifies the internal mechanism of financial development and government intervention that affects the efficiency of capital allocation, and makes an empirical test. Firstly, based on the provincial data from 1978 to 2013, Wurgler2000) model is used to measure the overall capital allocation efficiency in China. The results show that the efficiency of capital allocation in China has the structural characteristics of rising first and then decreasing, and fluctuating greatly with the reform of tax sharing system in 1994. Secondly, this paper also constructs some financial development indicators, such as the proportion of credit amount to GDP of non-state-owned enterprises, to make an empirical analysis of the above conclusions. The research shows that before 1994, the Chinese government's intervention in finance was weak, mainly caused by financial expenditure to squeeze out the market-oriented capital allocation, and the financial development had a significant positive impact on the efficiency of capital allocation, while after 1994, the financial development had a significant positive impact on the efficiency of capital allocation. With the strengthening of Chinese government intervention in finance, the financial development has a weak positive impact on the efficiency of capital allocation. Among them, the intervention of local governments in the financial system is an important reason for the decline in the efficiency of capital allocation. Therefore, the establishment of a reasonable financial system and the official investigation and promotion system is an important institutional guarantee to give full play to the efficiency of the financial system in the allocation of capital and to improve its positive effect.
【作者单位】：西安交通大学经济与金融学院;
【基金】：教育部人文社会科学重点研究基地重大项目“西部大开发的理论阐释、效应评估及发展战略调整”(10JJD790041)资助
【分类号】：F832;D630

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