我国战略性新兴产业资本配置效率的测算及分析——基于Wurgler模型的实证研究

摘要

战略性新兴产业资本配置有效与否关乎该产业的健康发展,我国战略性新兴产业资本配置效率到底如何？基于Wurgler修正模型,运用TSLS法分行业和地区对战略性新兴产业资本配置效率进行测度.研究发现,与一般产业相比,战略性新兴产业总体资本配置效率较低、波动较大,且资本配置效率表现出较大的产业及区域差异特征.基于此,建议国家应采取措施积极引导民营资本向高回报率领域流动,同时加大对效率较低产业和地区的政策扶持力度.%The healthy development of strategic emerging industries relies on the efficiency of its Capital allocation,what is the capital allocation efficiency of strategic emerging industry in China? Based on Wurgler correction model,this paper uses TSLS method to measure the capital allocation efficiency of strategic emerging industries by sectors and regions.The results show that efficiency of strategic emerging industries is relatively low and fluctuates greatly compared to that of the general industry,the efficiency presents significant sectoral and regional differences.In view of that,the paper suggests government should actively guide private enterprises to invest in high return fields,also,increase the government policy support for low efficiency industries and regions.