【摘要】 资本配置效率对工业发展转型十分重要。笔者以2004年~2012年中国工业38个行业数据为研究样本,分析了信贷资本在工业各行业的配置效率,发现工业各行业信贷资本配置效率整体较低,能源、采矿、原材料等政策性和资源消耗型行业信贷敏感系数较小却涌入大量信贷资本,而电气机械等装备制造业等行业信贷支持不足。实证发现,产生这一现象的原因是政府对信贷资本配置的干预,严重扭曲了信贷资本的配置,致使产能过剩行业产生了较强的路径依赖惯性,严重阻碍了我国工业发展与结构优化。更多还原

【Abstract】 The efficiency of capital allocation is very important to the development and transformation of industry. Taking the 38 industries’ data of China from 2009 to 2012 as the study sample,this paper measured the efficiency of credit capital allocation in each industry. The results showed that the efficiency of credit capital allocation overall was low; the credit sensitive coefficient of energy,mining,raw materials which were resources consumption and policy-related industries was small,but there was a large number of credit capital pouring into them,and electrical mechanical equipment manufacturing industry was lack of credit support. With the empirical findings,the reason for this phenomenon was government intervention in credit capital allocation,which seriously distorted the allocation of credit capital. It made the industries with excess capacity have strong path dependence inertia,resulting in overcapacity in the industry to produce a strong path dependence of inertia,which seriously hindered the development of China’s industrial structure optimization. Therefore,restricting government behavior and making the market fully play the best role of in the allocation of resources are extremely important.更多还原