摘要
笔者运用1993—2007年中国30个省份27个工业行业的面板数据,借助Wurgler(2000)的估算资本配置效率模型,并基于此检验产业升级和金融发展及其两者之间的交互项对地区资本配置的影响。研究证实了我国的产业结构转型升级并未提高地区的资本配置效率,由政府主导推动的产业结构调整实际上产生了资源配置的扭曲效应,相比较股票市场,中国的信贷市场并未起到促进产业结构转型升级的作用,金融发展的滞后对我国产业结构转型升级造成了障碍性效应。主要的政策含义是摒弃以政府替代市场和限制竞争的管制性产业政策,进一步放松金融管制和坚定地实行国企改革。
This paper us na, with the Wurgler （2000） ing 1993-2007 panel data of 30 ＇s model to estimate the efficienc provinces and cities of 27 industries in Chiy of capital allocation, aiming to test the industries upgrading, financial development , and With impacts the interaction between those having on. The study confirmed the upgrading does not improve the area efficiency of capital allocation. In fact, the industrial restructuring led by government has distorting effects of resource allocation. Comparing to stock market, China＇s credit market does not play a role in promoting the transformation and upgrading of the industrial structure. The lag of financial development of China has a barrier effect on industrial structure transformation and upgrading. The main implication is to abandon the regulatory industrial policy of government replacing the market and competition, deregulate financial control and resolutely carry out a massive restructuring of state-owned enterprises
出处
《中央财经大学学报》
CSSCI
北大核心
2015年第5期38-45,共8页
Journal of Central University of Finance & Economics
基金
国家自然科学基金项目"合资模式对寡头合谋的影响机制分折:对中国轿车行业的考察"(项目号:70972063)
北京市自然科学基金项目"制度环境
合法性约束
市场进入和成长战略--基于北京市高科技企业的实证研究"(项目号:9132015)
关键词
金融发展
产业结构
资本配置效率
Financial development Industrial structure Capital allocation efficiency
