金融发展与地区实体经济资本配置效率——来自省级工业行业数据的证据被引量：282

Financial Development and Local Real Economy Capital Allocation Efficiency: Evidence from Province-Level Industrial Data

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摘要本文基于实体经济运行的视角主要探讨了金融系统是否发挥了改善我国地区实体经济资本配置效率的功能。文章以1999—2006年间中国30个地区27个工业行业为样本,借助Wur-gler(2000)的资本配置效率估算模型,构建了非国有部门信贷比重等衡量金融发展程度的指标,并运用系统广义矩面板估计方法等进行实证检验。结果显示:金融发展促进了中国地区实体经济资本配置效率的提高,同时当进一步考虑地方政府对银行信贷决策干预的影响时,地方政府的干预却会妨碍金融系统对中国地区实体经济资本配置效率改善功能的有效发挥。 Provincial-level industrial data from 1999 to 2006 in China is used to study the empirical relationship between the local financial development and the efficiency of capital al- location. Wurgler＇s （2000） model is applied to construct some indicators to measure the de- gree of financial development. Our results show that financial development indeed promotes the local real economy capital allocation efficiency. Moreover, interventions by local govern- ments on bank＇s loan decision weakens such an effect of improving allocating efficiency.

作者李青原李江冰江春 Kevin X.D.Huang

机构地区武汉大学经济与管理学院国务院研究室宏观经济研究司美国范德比特大学经济系

出处《经济学（季刊）》 CSSCI 北大核心 2013年第1期527-548,共22页 China Economic Quarterly

基金教育部哲学社会科学研究重大课题(10JZD0019) 国家自然科学基金项目(71072103 71272228) 教育部"新世纪优秀人才支持计划" 武汉大学人文社会科学"70后"学者学术团队建设计划的资助

关键词金融发展政府干预地区实体经济资本配置效率

分类号 F832.7 [经济管理—金融学] F427 [经济管理—产业经济] F224 [经济管理—国民经济]

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