【摘要】 本文的中心议题是投资效率。我们从基于标准生产函数的投资需求模型出发,从投资需求所处的非均衡状态入手来讨论投资效率。投资需求的非均衡状态由实际投资与理论投资间的偏离来定义。我们将投资效率分成投资的配置效率和投资的生产效率两个方面,并将配置效率与经济制度因素联系起来。我们使用样本期为1989—2000年的中国分省面板数据作为模型分析的实例。分析的重心是中国的过度投资需求在多大程度上是由总投资的配置效率欠佳所造成的。从实例分析中我们发现,资本价格对投资需求几乎无影响,而扩张性的中央与地方财政却对投资需求有着强烈的影响。我们还发现,各省过度投资间存在彼此攀比的网络效应。然而,一旦将这些制度因素分离开来,投资配置效率还是渐有改善的。同时,地区间投资不均的程度也不断有所下降。从投资的生产效率指标估值看,东部沿海省份的效率一般高于西部省份的效率,这是与地区经济的发展水平基本一致的。更多还原

【Abstract】 A method is proposed to estimate efficiency of aggregate investment in a transi-tional economy, using Chinese provincial panel data as an experimental case. Inefficiency is de-fined on the basis of disequilibrium investment. It is further decomposed into allocative and pro-duction inefficiency. Allocative inefficiency is related to policy/institutional factors. The mainfindings are: Chinese investment demand hardly responds to capital pricing signals, whereas it isstrongly receptive to expansionary fiscal policies and inter-provincial network effect. Once institu-tional factors are separated out, there are clear signs of increasing allocative efficiency and recedinggrowth in regional investment disparity. The estimates on production efficiency are broadly in linewith regional development.更多还原