Reckoning Of Capital Allocation Efficiency And Study On Its Influencing Factors

Economic growth theory and practice results all show that the capital is one of the main source of power to promote the expansion of reproduction and an indispensable factor to stimulate economic growth and realize wealth value-added constantly.The enormous contribution of capital to the economic growth is not only in it's ever-expanding volume,but also in the continued optimization of its allocative efficiency.By improving the efficiency of capital allocation between different sectors and regions,the quality of economic growth will be significantly improved.At present,China is in the critical period of economic transition,industrial upgrading and regional coordinated development,and the Thirteen Five-years Plan(Draft)makes it clear that economic development under the new normal needs to "place improving the quality and efficiency in the center".Therefore,Reckoning the capital allocation efficiency in various industries and various provinces accurately,and making in-depth examination and analysis of their sources of difference would contribute to the effectiveness and relevance of China's industry and regional policy,which is important for the theoretical and practical significance to achieve industrial upgrading and regional coordinated development.Based on the improved Wurgler(2000)model method,this thesis reckons the capital allocation efficiency in various industries and various provinces respectively,and then based on this,makes in-depth analysis and test of their sources of difference by using measurement methods including of "Threshold Regressive" method,Common panel model and spatial panel model,and finally the thesis puts forward the corresponding policy recommendations based on the main conclusions.The main contents are as follows:On the basis of clearing the research background and significance,Chapter I hackles the internal and external relevant literature systematically and establishes the overall research ideas,methods and framework by combing useful reference and self-innovati on,and finally describes and summarizes reflection where is innovative or scant.Chapter ? defines,hackles and compares the concepts,theories and calculation methods related to the efficiency of capital allocation,which aim to further clarify the thesis's research ideas and framework,and provide a reliable theory basis and method support for the future study.Respectively,chapter ? reckons the capital allocation efficiency in various industries and various provinces based on the improved Wurgler(2000)model method,and makes the significance tests or qualitative analyses for the differences in industries and provinces.The study found that China's overall capital allocation efficiency is still low,and the capital allocation efficiencies between sectors and regions are significantly different.According with the estimation results of Chapter ?,Chapter ? discriminates,tests and analyzes the possible differences in sectors and regions from the capital allocation efficiency differences by using "Threshold Regressive" method,Common panel model and spatial panel model respectively.The study found that industry concentration ratio,ownership structure,the Open Level and management level are the main sources of significant differences of the capital allocation efficiency between industries.There is obvious spatial correlation of Capital allocation efficiency in all regions.On analyses of the regional capital allocation efficiency factors,the results of spatial panel model are more realistic,and government spending,the economic opening rate,the infrastructure level,the financial development level and enterprise operation condition lead to the significant differences in the regional capital allocation efficiency.We also find that infrastructure investment has the obvious positive hysteresis effect in all regions with different degrees,and infer that structural factor is the main driver of government spending effect based on analysis.Chapter ? summarizes the main conclusions of the thesis and puts forward the policy recommendations correspondingly.