资本错配对中国产出效率的影响：金融业与其他产业的对比分析

发布时间：2018-03-31 14:07

本文选题：资源配置效率　切入点：资本错配　出处：《东北师范大学》2013年硕士论文

【摘要】：受欧债危机和美国经济衰退的影响，我国经济增速放缓，地方政府出台各项刺激计划以期扭转这一颓势。然而，改善我国目前的经济困境必须从造成经济结构失衡的根本原因着手即政府对信贷分配干预程度大，金融业垄断程度高由此所造成的各产业部门投资失衡和资本错配。本文首先构建了以垄断表征资源流动障碍的多部门一般均衡模型，将经济产出的增长率分解为要素投入变动，产业部门全要素生产率变化，资源配置效率以及产业结构变迁四个部分。在此基础上，利用我国1978-2010年八大产业的面板数据，分析资源配置效率对我国产出增长率的贡献度，并据此拟合我国产出效率的变化率；再将我国的资源配置效率分解为资本和劳动力配置效率，着重研究作为资源配置核心的资本配置效率变动趋势；不仅如此，还利用我国2005-2010年十九行业的面板数据验证结论的稳健性。在假定其他产业资本完全流动条件下，测算金融业的资本配置效率；沿用这一思路测算其他产业部门的资本配置效率，对比金融业与其他产业的资本错配状态，分析金融业垄断是否为引致我国整体资本错配的主要因素。实证分析的结论显示：（1）我国经济增长保持以要素投入为主导的投资拉动型模式，资源配置对产出增长的贡献绝大多数年份为负值但近年来有所改善；（2）资源流动障碍的存在导致我国产出效率系数水平偏低，而增进我国市场化程度的各项改革措施有利于改善我国的产出效率；（3）作为资源配置的核心，资本配置效率的数值及变化趋势主导我国资源配置效率的变动态势，且2005年以来资本配置效率扭负为正逐步提升；（4）我国以银行为主导的金融体系，其高度垄断性引致我国存在较大程度的资本错配；而随着商业银行股份制改革的推行，金融体系资本配置效率有所提升并带动我国经济产出的增长；（5）十九行业与八大产业的基本结论保持一致，验证了上述结论的稳健性。根据上述结论，，笔者提出发展多层次、服务于实体经济的金融体系，打破银行体系的高度垄断，实现其服务转型等多项政策建议。
[Abstract]:Due to the European debt crisis and the recession in the United States, China's economic growth has slowed, and local governments have launched various stimulus plans to reverse this decline. To improve our country's current economic predicament, we must start with the fundamental causes of the imbalance of economic structure, that is, the investment imbalance and capital mismatch in various industrial sectors caused by the government's intervention in credit allocation and the high degree of monopoly in the financial industry. In this paper, a multi-sector general equilibrium model, which is characterized by monopoly, is constructed, which decomposes the growth rate of economic output into the change of factor input and the change of total factor productivity of industrial sector. Based on the four parts of resource allocation efficiency and industrial structure change, this paper analyzes the contribution of resource allocation efficiency to China's output growth rate by using the panel data of the eight major industries in China from 1978 to 2010. According to this, we fit the change rate of our country's output efficiency, then decompose our country's resource allocation efficiency into capital and labor allocation efficiency, focus on the research of capital allocation efficiency change trend as the core of resource allocation; not only that, We also use the panel data of 19 industries from 2005 to 2010 to verify the robustness of the conclusions. Under the assumption of the complete flow of other industrial capital, the capital allocation efficiency of the financial industry is calculated, and the capital allocation efficiency of other industrial sectors is measured by using this idea. By comparing the mismatch of capital between financial industry and other industries, this paper analyzes whether the monopoly of financial industry is the main factor leading to the mismatch of China's overall capital. The conclusion of the empirical analysis shows that China's economic growth maintains an investment-driven model dominated by factor input. The contribution of resource allocation to output growth is negative in most years but improved in recent years. As the core of resource allocation, the value and changing trend of capital allocation efficiency lead to the change of resource allocation efficiency in China. Since 2005, the negative capital allocation efficiency has been improving gradually. 4) China's bank-dominated financial system, whose high monopoly has led to the existence of a large degree of capital mismatch in China, and along with the implementation of the joint-stock system reform of commercial banks, The capital allocation efficiency of the financial system has been improved and the growth of economic output in China has been promoted.) the basic conclusions of 19 industries and the eight major industries are consistent, which verifies the soundness of the above conclusions. According to the above conclusions, the author puts forward the development of multiple levels. Many policy suggestions such as serving the financial system of the real economy, breaking the high monopoly of the banking system and realizing its service transformation.
【学位授予单位】：东北师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F124;F832.4

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