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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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

Received: 20 December 2017

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	PENG Zhen-hua
	XI Ming-ming

Cite this article:

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[J]. , 2018, 35(2): 53-64.

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https://xb.szu.edu.cn/EN/ OR https://xb.szu.edu.cn/EN/Y2018/V35/I2/53

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