A Study On The Effect Of Capital Allocation Efficiency On Export Performance

Advanced financial system can coordinate the relationship of direct financingand indirect finance, promote the coordinated development, strengthen the financingability of financial system, promotes the market trade efficiency, so as to enhance theefficiency of resource allocation. To enhance the efficiency of capital allocation cannot only change the capital and labor ratio of one country (region or industry), alsooffer convenience to new production method and new technology, so as to creatematerial foundation for the structural changes in comparative advantages and theoptimization of structure of the trade goods in one country (region or industry) of, toboost exports, and to improve the export growth rate.This paper first reference Wurgler (2000) model, by use of China’s30areas27industry panel data of2003-2009years to work out that the average efficiency ofcapital allocation of30areas in China is0.517, and coastal capital allocationefficiency is higher than that of mainland, the eastern capital allocation is obviouslyhigher than that of the west; And measure out that the average efficiency of capitalallocation of China’s24industry is0.509, and capital allocation efficiency ofcapital-intensive industries are higher than that of labor-intensive industries.Then, this paper use the system GMM model to measure the effect of capitalallocation efficiency to export performance, through the regression analysis of capitalallocation efficiency to export performance from the regional and industrial twolevels, and find that capital allocation efficiency on regional level increase one unit,export will increase31.1327billion yuan RMB, the one-lag export growth rate willincrease0.08, or the one-lag export will increase8%; capital allocation efficiency onindustrial level increase one unit, export will be increased by34.0342billion yuanRMB, current export growth rate will increase0.094, or current export will increase9.4%, so as to prove that the capital allocation efficiency has certain stimulative effecton export performance, from both regional and industrial levels.Finally, this paper put forward relevant suggestions on deepening financialreform, strengthening regional financial cooperation, and industrial chain integration.