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财政支出竞争与地区资本配置效率——基于空间计量模型的实证检验

孙晓华,郭旭

(大连理工大学经济学院,辽宁大连116024)

摘要:将空间外部效应考虑到财政支出竞争与地区资本配置效率的关系中来,基于Wurgler方法测算和比较了全国31个省区市的资本配置效率,进而利用空间计量模型实证检验了财政支出竞争对地区资本配置效率的影响。研究结果表明:从全国范围来看,资本配置效率存在空间负相关性,政府财政支出竞争对地区资本配置效率具有显著的阻碍作用;分组估计显示,东部和中西部地区之间存在明显差异,东部省份的财政支出竞争有利于资本配置效率提升,中西部地区的财政支出竞争则扭曲了资本流动方向,在一定程度上降低了资本配置效率。

关键词:财政支出竞争; 资本配置效率; 空间外部效应

doi:10.15936/j.cnki.1008-3758.2015.02.005

收稿日期:2014-10-28

基金项目:国家社会科学基金资助项目(14BGL14);国家软科学研究计划资助项目(2013GXS4D108);教育部人文社会科学基金资助项目(13YJC790127);辽宁省教育厅研究一般资助项目(L2013039)。

作者简介:孙晓华(1978-),男,辽宁抚顺人,大连理工大学教授,博士生导师,主要从事产业经济学、演化经济学与创新经济学研究;郭旭(1989-),女,吉林松原人,大连理工大学硕士研究生,主要从事产业经济学研究。

中图分类号:F812.7

文献标志码:A

文章编号:1008-3758(2015)02-0135-07

Abstract:Different from the previous studies, this paper takes spatial external effects into consideration in terms of the relationship between financial expenditure competition and regional capital allocation efficiency. The capital allocation efficiencies of 31 provinces in China are calculated and compared based on Wurgler’s model. Furthermore, an empirical test about the effect of financial expenditure competition on capital allocation efficiency is given using the spatial econometric model. The results indicate that on the national scale, capital allocation efficiency has negative correlation with space while financial expenditure competition has a significant impediment to regional capital allocation efficiency in the whole country. The grouping estimation shows that there is an obvious difference between the eastern regions and the mid-western regions, and the financial expenditure competition in the east is beneficial to improve the capital allocation efficiency while in the mid-west it distorts the direction of capital flow and reduces the capital allocation efficiency to some degree.

Financial Expenditure Competition and Regional Capital Allocation Efficiency

——An Empirical Test Based on Spatial Econometric Model

SUNXiao-hua,GUOXu

(School of Economics, Dalian University of Technology, Dalian 116024, China)

Key words:financial expenditure competition; capital allocation efficiency; spatial external effect

所谓资本配置效率,是指稀缺资本由低回报率的行业或地区流入到高回报率的行业或地区的有效程度。国外学者关于资本配置效率的文献来自于金融发展理论的研究,Mckinnon(1973)最早探讨了金融市场对资本配置的作用,认为金融抑制会降低资本配置效率[1],之后学者们围绕如何完善金融体系以改善资本配置效率的问题展开了讨论。……