我国制造业资本配置效率统计研究

发布时间：2019-06-17 12:21

【摘要】：我国制造业是国民经济支柱产业，由“制造业大国”向“制造业强国”转变是其未来发展目标，对于制造业资本配置效率的研究至关重要。本文选取制造业30个子行业作为研究对象，比较了国内外众多学者对资本配置效率的研究方法，选择了加入固定资产滞后变量、金融扶持力度的扩展Wurgler模型对制造业资本配置效率进行研究。利用面板数据模型分别计量了我国行业间、省市间、不同所有制企业间资本配置效率。研究发现我国制造业资本配置效率仅为0.11，资本配置效率低于发达国家水平；我国制造业2004 2011年间资本配置动态效率表现为“锯齿型”，这主要是与投资者预期回报的粘性有关；我国制造业各行业间资本配置效率存在差异，石油加工、非金属加工等行业资本配置效率极其低下，各行业间资本配置效率差异主要受各行业间政策引导因素、外资资本介入程度及行业技术水平、产业结构等因素的影响；区域间资本配置效率存在非均衡现象，江苏、福建、四川等地区资本配置效率较高，，而北京、天津、广东等地区资本配置效率较低，造成区域间资本配置效率差异的原因也是多方面的；我国不同所有制企业间投资机制是不同的，这也间接导致不同所有制企业间资本配置效率的差异，计量结果显示外资企业资本配置效率高于国有企业资本配置效率。
[Abstract]:China's manufacturing industry is the pillar industry of the national economy, and the transformation from a "manufacturing country" to a "manufacturing power" is its future development goal, which is very important for the study of the efficiency of capital allocation in manufacturing industry. This paper selects 30 sub-industries of manufacturing industry as the research object, compares the research methods of capital allocation efficiency of many scholars at home and abroad, and selects the extended Wurgler model of adding fixed assets lag variables and financial support to study the efficiency of capital allocation of manufacturing industry. The panel data model is used to measure the efficiency of capital allocation among industries, provinces and cities, and enterprises with different ownership. It is found that the efficiency of capital allocation in China's manufacturing industry is only 0.11, and the efficiency of capital allocation is lower than that in developed countries. The dynamic efficiency of capital allocation in China's manufacturing industry in 2011 is "sawtooth", which is mainly related to the stickiness of investors' expected returns. There are differences in capital allocation efficiency among manufacturing industries in China. The efficiency of capital allocation in petroleum processing, non-metallic processing and other industries is extremely low. The differences in capital allocation efficiency among industries are mainly affected by policy guidance factors among industries, the degree of foreign capital intervention, the level of industry technology, industrial structure and so on. There is an imbalance in the efficiency of capital allocation between regions. The efficiency of capital allocation in Jiangsu, Fujian, Sichuan and other regions is higher, while the efficiency of capital allocation in Beijing, Tianjin, Guangdong and other regions is low, so there are many reasons for the difference of capital allocation efficiency between regions. The investment mechanism among different ownership enterprises in China is different, which indirectly leads to the difference of capital allocation efficiency among different ownership enterprises. the measurement results show that the capital allocation efficiency of foreign-funded enterprises is higher than that of state-owned enterprises.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F425;F406.7

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