A Study On Capital Allocation Efficiency Evaluation And The Influential Factors Of Capital Transfer

Capital plays the most important role in the economic development process, Capital supports economic development with quantity growth and efficiency improving. In particular, in the developing countries and regions where capital is relative more scarce than other factors, reasonable allocation become the most effective way for capital to promote economic development. The paper studies capital allocation optimization, efficiency evaluation, capital transfer and its influence factors by using both the normative research and empirical study.Based on a amount of research results and the analysis tools of the neoclassical economics and welfare economics. The paper, first of all, figure out the connotation of the capital allocation, the capital allocation optimization should be based on social welfare increases as the standard. Then, the paper establish a comprehensive capital allocation efficiency evaluation system combined with two horizons which are cross-regions and cross-industry and two dimensions which are dynamic and static, it uses capital distribution efficiency as the static evaluation of the capital allocation efficiency, capital transfer efficiency as the dynamic evaluation. Then, the paper concludes that the general trend of capital distribution optimization is smaller deviation of capital marginal benefit under the market condition, and is consistent with capital allocation optimization. Based on the concept of industry structure and industry distribution, the paper analyses the interaction mechanism between capital transfer and capital allocation optimization and the influencing factors of capital transfer.With China’s28manufacturing industries as a sample for the empirical research, the results showed that:(1) the Chinese manufacturing industry capital cross-industry distribution is better than the cross-regional distribution;(2)the β convergence model confirms that the convergence of capital marginal benefit and supports the existence of the general trend of the capital distribution optimization;(3) combined with threshold regressive model and Wurgler (2000) presented investment reaction coefficient model, the paper concludes that foreign capital has positive influence to capital transfer, yet the state-owned economy level, financial support level and Agglomeration degree has negative influence to capital transfer.