金融结构、外商直接投资与资本配置效率——基于金融供给侧结构性改革视角

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摘要基于2005-2015年省际面板数据,测度了我国各省（直辖市或自治区）的资本配置效率,并且从融资规模、融资结构、融资深化三个角度,研究金融结构对地区资本配置效率的影响。实证结果发现：相对于以银行信贷为主的间接融资而言,直接融资对资本配置效率的影响更大。社会融资总额中直接融资比重的上升,可以显著提高地区资本配置效率;由于信息不对称和挤出效应,政府对经济的直接投资和干预会导致资本配置效率下降;外商直接投资的引进,可以显著提升地区资本配置效率,引进外商直接投资,不仅仅是引进国外资本,更主要的是在引进外资的同时,也引进了国外的先进技术和先进管理经验。上述结论可以为政府推动金融供给侧结构性改革和提升资本配置效率提供参考。

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	彭镇华
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关键词 ：金融结构, 金融供给侧, 资本配置效率, 直接融资, 间接融资

Abstract：Based on the provincial panel data from 2005 to 2015, this paper measures the capital allocation efficiency of China's provinces (including municipalities directly under the central government or autonomous regions). Besides, it studies the impact of financial structure on the efficiency of regional capital allocation in China from three aspects: financial scale, financial structure and financial deepening. The empirical results show that direct financing has greater impact on the efficiency of capital allocation than indirect financing, which is based on bank credit. The increase in the proportion of direct financing in the total amount of social financing can improve the efficiency of regional capital allocation. Second, because of the crowding out effect of public investment, the direct intervention of government in the capital market will lead to a decline in the efficiency of capital allocation. Third, the introduction of foreign direct investment can significantly improve the efficiency of capital allocation. The introduction of FDI is not only the introduction of foreign capital, but also brings in foreign advanced technology and advanced management experience at the same time. The above conclusions can provide a reference for the government to promote the structural reform of the financial supply side and to improve the efficiency of capital allocation.

Key words： financial structure financial supply side efficiency of capital allocation direct financing indirect financing

收稿日期: 2017-12-20

F830.59

基金资助:国家自然科学基金青年项目“政治制度对经济发展影响的随机动态规划与实证研究：基于dsge与动态面板分析方法”（71503110）; 国家社科基金重大项目“长江经济带建设战略引领下沿江地区经济发展路径研究”（2015YZD16）

作者简介: 彭镇华,江西财经大学产业经济研究院博士研究生,主要从事融资理论与产业经济研究;习明明,博士,江西财经大学经济发展与改革研究院副研究员,硕士生导师,主要从事区域经济与金融研究。

引用本文:

彭镇华, 习明明. 金融结构、外商直接投资与资本配置效率——基于金融供给侧结构性改革视角[J]. 《深圳大学学报》（人文社科版）, 2018, 35(2): 53-64. PENG Zhen-hua, XI Ming-ming. On Financial Structure, Foreign Direct Investment and Capital Allocation Efficiency——Based on the Perspective of Financial Supply-Side Structural Reform. , 2018, 35(2): 53-64.

链接本文:

https://xb.szu.edu.cn/CN/ 或 https://xb.szu.edu.cn/CN/Y2018/V35/I2/53

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