摘要
金融发展会影响资本配置效率进而作用于经济增长,在金融发展与经济增长的关系中,资本配置效率是一个重要的传导机制。文章以资本配置效率为切入点,对金融市场发展与资本配置效率的关系进行了分析。首先基于Wurgler(2000)资本配置效率估算模型,利用1994-2015年江苏省工业内部34个行业的数据测算出江苏省历年的资本配置效率;在此基础上,运用协整检验、向量误差修正模型(VECM)等方法分析了江苏省金融市场发展与资本配置效率的关系;最后的实证结果表明,江苏省金融市场发展与资本配置效率存在着长期协整关系,信贷市场、短期信贷规模的发展提高了资本配置效率,而股票市场未能有效促进资本配置效率的提高。
Financial development affects the efficiency of capital allocation and then acts on economic growth.In the relationship between financial development and economic growth,the capital allocation efficiency is an important transmission mechanism.Using the capital allocation efficiency as the starting point,this paper analyzes the relationship between financial market development and capital allocation efficiency.Firstly,based on the Wurgler(2000)capital allocation efficiency estimation model,the paper uses the data of 34 industries in Jiangsu province from 1994 to 2015 to calculate the capital allocation efficiency in Jiangsu province over the years;On this basis,the paper analyzes the relationship between the financial market and the efficiency of capital allocation using the cointegration test,the vector error correction model(VECM)and other methods;Finally,the empirical results show that there is a long-term cointegration relationship between the financial market and the capital allocation efficiency in Jiangsu province.The development of credit market and short-term credit scale promotes the improvement of capital allocation efficiency,whereas the stock market can not effectively improve the efficiency of capital allocation.
作者
陈祖华
高燕
CHEN Zu-hua;GAO Yan(School of Economics and Trade,Nanjing Audit University,Nanjing 211815,China)
出处
《华东经济管理》
CSSCI
北大核心
2018年第3期28-33,共6页
East China Economic Management
