Capital Allocation Efficiency and Its Influence Factor in Yunnan Province:An Empirical Research Based on 35 Industries' Panel Data
Huang Ning;Yang Yang;Dang Wei;
Elevating the efficiency of capital allocation is key to promoting the growth of total factor productivity and realize the high quality development of economy. Based on the liquidity connotation of capital allocation efficiency,the study constructs an industry level panel econometric model of capital allocation efficiency in Yunnan province,and makes a deep study on the capital allocation efficiency and its influence factors by using the panel data of 35 industries from 2011 to 2016. The results show that the capital allocation efficiency in Yunnan province is much lower than the national average both from static and dynamic aspects,and the effectiveness of capital allocation appears to be seriously inadequate and gradually deteriorated. The financial distortion caused by credit bias and the policy distortion caused by government intervention are the essential reasons to restrain the efficiency of capital allocation in Yunnan province.Meanwhile,the stability of industrial development plays an important role in promoting the efficiency of capital allocation in Yunnan province. Speeding up the improvement of financial market structure,continuously deepening the supply-side structural reform with marketization as its core,and effectively constructing the modern industrial system are the keys to optimizing the capital allocation efficiency in Yunnan province in the future.