Research On Capital Allocation Efficiency And Its Influencing Factors In Yunnan Province

From the reality of economic development,relying on the quantity expansion of capital rather than the improvement of allocation efficiency has been the main way to drive Yunnan’s high-speed economic growth over the past few decades.However,the economic growth not only comes from the quantitative effect of the input of various factors,but also comes from promoting the allocation efficiency of various elements,and the later is more important.Through establishing the measurement model of capital allocation efficiency,we can analyse objectively the level and characteristics of capital allocation efficiency in Yunnan Province,and in-depth excavate the important factors affecting the efficiency of capital allocation in Yunnan.It is of great theoretical and practical significance to improve the quality of the supply system from the aspect of efficiency and to promote the economy of the province to the stage of high-quality development.In this paper,the efficiency of capital allocation is analyzed into two levels:the efficiency of capital allocation at the level of flow efficiency and the efficiency at the level of output efficiency,then the efficiency of capital allocation is demonstrated through the comprehensive analysis of the two levels.With regard to the analysis of capital allocation efficiency at the level of flow efficiency,the elastic model proposed by Wurgler(2000)is selected as the basis to measure the efficiency of capital allocation in Yunnan Province as a whole,and the result is 0.390.It is significantly lower than the national level and has a decreasing trend in 2011—2016.Among the influencing factors,the credit support factor has a negative partial effect on the liquidity of allocation efficiency;the government factors and the stability of the industry itself have a positive bias effect on the liquidity of allocation efficiency.With regard to the analysis of capital allocation efficiency at the level of output effectiveness,this paper selects the data envelopment analysis method as the basis,and first makes a static measure of the capital allocation efficiency at the level of output effectiveness in Yunnan Province from 2011 to 2016.It is concluded that the output efficiency of capital allocation shows a decreasing trend,and it is found that the main reason is the low technical efficiency Secondly,the dynamic analysis is carried out by using panel data,and it is concluded that the capital allocation efficiency of Yunnan Province is 0.913 at the level of output effectiveness,in which the technical influencing factors and scale factors are obtained.The influencing factors of the model are not up to standard,especially in the high-tech industry,the technology impact rate is significantly low.Finally,the results of capital allocation efficiency in Yunnan Province at the level of flow efficiency and output efficiency are comprehensively analyzed,and it is concluded that the comprehensive level of capital allocation efficiency in Yunnan Province is in the middle and lower level,accompanied by the trend of decreasing year by year.And according to the influence of credit support,government support,industry stability,industry technology level and industry scale on the efficiency of capital allocation,in order to achieve high quality economic development,and to optimize capital allocation efficiency,I put forward that optimizing the upgrading of traditional industrial structure and speeding up the development of new industries;continuing to promote supply-side structural reform and deepening financial market reform and other policy recommendations should be carried out at the same time.