【摘要】 本文运用一个综合的金融自由化指标以及上市公司层面的数据,检验了1992~2005年中国金融政策从金融压抑向金融自由化的转变,对以托宾Q作为衡量指标的资本配置效率的影响。结果表明,中国金融自由化政策,对提高资本配置效率有积极的影响,并促进了金融深化。然而,就整体而言,中国金融体系对资本配置效率的贡献仍极为有限;相对于银行部门,股票市场能更好地发挥优化资源配置的功能。因此,未来的金融发展政策应考虑扩大资本市场在中国金融体系中的作用。更多还原

【Abstract】 By using a new financial liberalization index and firm-level data,this paper examines the effects of financial liberalization during 1992-2005 in China on allocative efficiency of capital,which is measured by the dispersion in Tobin’s Q across firms.The result shows that gradual financial liberalization in China did improve allocative efficiency of capital,and the influence of stock market development on allocation of capital appeared to be stronger than that of the banking development.Therefore the future financial policy should pay attention to enlare the role of the stock market in overall financial system.更多还原