【摘要】：我國(guó)制造業(yè)是國(guó)民經(jīng)濟(jì)支柱產(chǎn)業(yè)，由“制造業(yè)大國(guó)”向“制造業(yè)強(qiáng)國(guó)”轉(zhuǎn)變是其未來(lái)發(fā)展目標(biāo)，對(duì)于制造業(yè)資本配置效率的研究至關(guān)重要。 本文選取制造業(yè)30個(gè)子行業(yè)作為研究對(duì)象，比較了國(guó)內(nèi)外眾多學(xué)者對(duì)資本配置效率的研究方法，選擇了加入固定資產(chǎn)滯后變量、金融扶持力度的擴(kuò)展Wurgler模型對(duì)制造業(yè)資本配置效率進(jìn)行研究。利用面板數(shù)據(jù)模型分別計(jì)量了我國(guó)行業(yè)間、省市間、不同所有制企業(yè)間資本配置效率。研究發(fā)現(xiàn)我國(guó)制造業(yè)資本配置效率僅為0.11，資本配置效率低于發(fā)達(dá)國(guó)家水平；我國(guó)制造業(yè)2004 2011年間資本配置動(dòng)態(tài)效率表現(xiàn)為“鋸齒型”，這主要是與投資者預(yù)期回報(bào)的粘性有關(guān)；我國(guó)制造業(yè)各行業(yè)間資本配置效率存在差異，石油加工、非金屬加工等行業(yè)資本配置效率極其低下，各行業(yè)間資本配置效率差異主要受各行業(yè)間政策引導(dǎo)因素、外資資本介入程度及行業(yè)技術(shù)水平、產(chǎn)業(yè)結(jié)構(gòu)等因素的影響；區(qū)域間資本配置效率存在非均衡現(xiàn)象，江蘇、福建、四川等地區(qū)資本配置效率較高，，而北京、天津、廣東等地區(qū)資本配置效率較低，造成區(qū)域間資本配置效率差異的原因也是多方面的；我國(guó)不同所有制企業(yè)間投資機(jī)制是不同的，這也間接導(dǎo)致不同所有制企業(yè)間資本配置效率的差異，計(jì)量結(jié)果顯示外資企業(yè)資本配置效率高于國(guó)有企業(yè)資本配置效率。
[Abstract]:China's manufacturing industry is the pillar industry of the national economy, and the transformation from a "manufacturing country" to a "manufacturing power" is its future development goal, which is very important for the study of the efficiency of capital allocation in manufacturing industry. This paper selects 30 sub-industries of manufacturing industry as the research object, compares the research methods of capital allocation efficiency of many scholars at home and abroad, and selects the extended Wurgler model of adding fixed assets lag variables and financial support to study the efficiency of capital allocation of manufacturing industry. The panel data model is used to measure the efficiency of capital allocation among industries, provinces and cities, and enterprises with different ownership. It is found that the efficiency of capital allocation in China's manufacturing industry is only 0.11, and the efficiency of capital allocation is lower than that in developed countries. The dynamic efficiency of capital allocation in China's manufacturing industry in 2011 is "sawtooth", which is mainly related to the stickiness of investors' expected returns. There are differences in capital allocation efficiency among manufacturing industries in China. The efficiency of capital allocation in petroleum processing, non-metallic processing and other industries is extremely low. The differences in capital allocation efficiency among industries are mainly affected by policy guidance factors among industries, the degree of foreign capital intervention, the level of industry technology, industrial structure and so on. There is an imbalance in the efficiency of capital allocation between regions. The efficiency of capital allocation in Jiangsu, Fujian, Sichuan and other regions is higher, while the efficiency of capital allocation in Beijing, Tianjin, Guangdong and other regions is low, so there are many reasons for the difference of capital allocation efficiency between regions. The investment mechanism among different ownership enterprises in China is different, which indirectly leads to the difference of capital allocation efficiency among different ownership enterprises. the measurement results show that the capital allocation efficiency of foreign-funded enterprises is higher than that of state-owned enterprises.
【學(xué)位授予單位】：暨南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F425;F406.7

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