【作者】 李宁；

【导师】 贺曲夫；

【作者基本信息】 湖南科技大学 ， 应用经济学， 2020， 硕士

【摘要】 资本配置是现代经济社会资源配置的一个核心主题,资本配置效率与金融市场和实体经济发展是否同步的问题紧密相关,若金融“超发展”,会导致经济脱实向虚,若金融市场滞后于实体经济需要,则导致实体经济缺乏资本支持,这两种情况在中国不同区域同时存在,导致了我国整体资本配置效率较为低下。与此同时,中国经济“双轨制”发展内在的包含着资本配置由市场和政府两种途径共同决定,市场即金融市场,目前学术界的研究普遍认为金融发展是决定资本配置效率的一个重要因素;金融监管作为一种政府针对金融市场的行政举措,毫无疑问会对资本配置效率产生影响,因此针对这一影响的研究具有一定的学术价值和现实意义。本文系统回顾了国内外关于金融监管,金融发展与资本配置效率的研究文献,理论分析部分,借助于已有研究结论和部分经济学基本理论,分别提出了四条研究命题——H1:一般情况下,金融监管会促进资本配置效率的提升,然而金融监管对资本配置效率的边际提升作用会随着金融监管水平的提高而减小;H2:一般情况下,金融监管会促进金融发展,然而金融监管对金融发展的边际提升作用会随着金融监管水平的提高而减小;H3:金融发展对资本配置效率具有正向影响,对于一个地区来说,假定其他条件不变的情况下金融发展水平越高,资本配置效率越高;H4:金融发展在金融监管与资本配置效率之间发挥中间效应,金融发展能够促进金融监管对资本配置效率的影响作用。实证部分,本文首先利用沃格勒弹性系数法,估算出了我国31个省级行政区2009-2016年的资本配置效率;然后针对理论分析部分提出的四条研究命题,建立基于面板数据的固定效应模型,采用系统GMM方法、差分GMM方法等对实证模型进行估算,结果基本证明了本文提出的四个命题。得出如下研究结论:(1)我国资本配置效率逐渐在提升,但整体水平还较低,且资本配置存在空间上的不平衡;(2)我国金融监管对金融发展和资本配置效率具有显著的促进作用,且边际影响均趋于下降;(3)我国金融发展显著促进了地区资本配置效率;(4)金融发展显著促进了金融监管对资本配置效率的正向影响作用。根据上述研究结论,本文提出如下四条政策建议:(1)强化资本自由流动机制,促进资本配置在空间上的均衡;(2)完善宏观审慎金融监管体系,提高金融监管的水平;(3)采取更加积极的举措促进金融业的发展;(4)加强金融监管与金融发展的互动,推动资本配置效率提高。更多还原

【Abstract】 Capital allocation is a core theme of modern economic and social resource allocation.The efficiency of capital allocation is related to the issue of whether the financial market and the real economy are synchronized.If the financial development is too high,the economy will turn from real to virtual;if the financial market lags behind the needs of the real economy,it will lead to the lack of capital support in the real economy.These two situations exist in different regions of China at the same time,resulting in the low efficiency of the overall capital allocation in China.At the same time,the development of China’s economic "dual track system" inherently includes two ways of capital allocation: the market and the government.The market is the financial market.At present,the academic research generally believes that the financial development is an important factor in determining the efficiency of capital allocation.As an administrative measure of the government for the financial market,the financial supervision will undoubtedly determine the efficiency of capital allocation.Therefore,the research on this impact has certain academic value and practical significance.This paper systematically reviews the domestic and foreign research literature on financial supervision,financial development and capital allocation efficiency.In the part of theoretical analysis,with the help of existing research conclusions and some basic economic theories,four research propositions are put forward respectively: H1: generally speaking,financial regulation will promote the enhancement of capital allocation efficiency,but the marginal enhancement of financial regulation to capital allocation efficiency will decrease with the promotion of financial regulation level;H2: generally speaking,financial regulation will promote the development of finance,but the marginal enhancement of financial regulation to the development of finance will decrease with the promotion of the level of financial regulation;H3: financial development has a positive impact on the efficiency of capital allocation,for a region,assuming that other conditions remain unchanged,the higher the level of financial development,the higher the efficiency of capital allocation;H4: Financial development plays an intermediate effect between financial supervision and capital allocation efficiency,and financial development can promote the influence of financial supervision on capital allocation efficiency.In the empirical part,this paper first estimates the capital allocation efficiency of 31 provincial administrative regions in 2009-2016 by using the Wurgle elastic coefficient method;then according to the three research propositions put forward in the theoretical analysis part,the fixed effect model based on panel data is established,and the empirical model is estimated by using systematic GMM method and differential GMM method.The results basically prove the four propositions put forward in this paper.The following research conclusions are obtained:(1)China’s capital allocation efficiency is gradually improving,but the overall level is still low,and there is spatial imbalance;(2)China’s financial supervision has significantly promoted financial development and capital allocation efficiency,and the marginal impact tends to decline;(3)China’s financial development has significantly promoted regional capital allocation efficiency;(4)Financial development has significantly promoted the positive effect of financial supervision on capital allocation efficiency.Based on the above research conclusions,this article proposes the following four policy recommendations:(1)strengthening the free capital flow mechanism to promote the spatial balance of capital allocation;(2)improving the macro-prudential financial supervision system and improving the level of financial supervision;(3)adopting more active measures to promote the development of the financial industry;(4)strengthening the interaction between financial supervision and financial development,and promote the efficiency of capital allocation.更多还原