| In the process of national economic development,the real economic of any region needs the participation and the support of the capital.Capital is the key driving power and source to expand social reproduction and it is also an important factor to promote economic growth and realize the accumulation of wealth.The huge driving power of capital to regional economic growth is not only reflected in the constant increase and expansion of quantity,but also in the continuous improvement and optimization of allocation efficiency.Therefore,the capital will flow and configure through different channels and paths in order to realize the maximization of their own value.And today our country is also in a critical period of economic reform with prominent resource scarcity.Therefore,improving the efficiency of capital allocation and eliminating backward production capacity will undoubtedly accelerate the transformation of the country's economic development mode,adjust the industrial structure and improve the overall economic strength.In order to improve the overall capital allocation efficiency and enhance the overall strength of our country,it is necessary to coordinate the balanced development of various regions.However,because of the difference of the natural geographical environment as well as the tilt of the national fiscal policy and industrial policy,the development of different regions in our country has been in an imbalance state.Thus,distributing the capital reasonably of the eastern,central and western of China and improving the efficiency of capital allocation have become the important research topic in economic field in recent years.Thus,this article uses 29 provinces in China from 2006 to 2015 as the research object,and divides the 29 provinces into eastern,central and western regions.This paper uses the elasticity coefficient method proposed by Jeffrey Wurgler in 2000 to calculate the capital allocation efficiency at the national level,regional level and provincial level.And we also study the effect of regional capital flow on capital allocation efficiency.The results of this paper show that during the ten years from 2006 to 2015,the overall capital allocation efficiency of our country is fluctuating and unstable.The capital allocation efficiency is the highest in the east,the second in the middle and the lowest in the west.Among the factors affecting the efficiency of capital allocation at the national level,the capital flow of the bank financial intermediary has a negative influence on the improvement of capital allocation efficiency,the total financing amount of the stock market and the bond market,which represents the direct financing,reflects the influence of the capital market on the efficiency of capital allocation,and the correlation is positive.There is a significant positive correlation between the capital flow in the bill market and the efficiency of capital allocation.The capital flow of the foreign investment can also be used to improve the efficiency of regional capital allocation.The regional nationalization has a negative effect on the efficiency of capital allocation.The higher the human capital level,the higher the efficiency of regional allocation,the urbanization level and the infrastructure construction can inhibit the increase of the capital allocation efficiency.From the eastern region,the capital flow of the capital market,the capital flow of the foreign investment and the capital flow of the fiscal all have a significant positive influence on the improvement of capital allocation efficiency.The capital flow of the bank financial intermediary and the capital flow in the bill market have a significant negative influence on the improvement of capital allocation efficiency.The increase of the regional nationalization and the human capital have a positive effect on the efficiency of capital allocation.The urbanization level and the infrastructure construction can inhibit the increase of the capital allocation efficiency.There are fewer factors in the central region,the increase of the regional nationalization and the human capital have a negative effect on the efficiency of capital allocation.From the western region,the capital flow of the bank financial intermediary,the capital flow of the capital market and the capital flow of the foreign investment have a significant negative influence on the improvement of capital allocation efficiency.The capital flow of the fiscal and the capital flow in the bill market have a significant positive influence on the improvement of capital allocation efficiency.The regional nationalization,the urbanization level and the infrastructure construction can inhibit the increase of the capital allocation efficiency.The human capital has a positive effect on the efficiency of capital allocation.Therefore,this paper puts forward corresponding policy suggestions towards different regions,such as capital market,fiscal policy,foreign investment,state-owned investment ratio,educational development level,urbanization and infrastructure construction,so as to coordinate the overall development of the region and improve the efficiency of the overall capital allocation of our country. |
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