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效率是资源配置的核心问题,评价资源配置效率高低的重要标准,是分析资源是否流向有价值创造能力的行业。本文借鉴Jeffrey Wurgler(2000)及经济增加值(EVA)方法,对2002～2005年我国金融机构信贷资金在36个工业行业的配置效率进行了实证分析。研究发现,信贷资金配置效率与我国工业行业价值创造能力总体上呈现出较低相关性,配置效率较差,并就此问题提出了相关政策建议。
Efficiency is the core issue of resource allocation. An important criterion for evaluating the efficiency of resource allocation is to analyze whether resources flow to industries that have the capacity to create value. This article draws lessons from Jeffrey Wurgler (2000) and the method of economic value added (EVA) to analyze the disposition efficiency of credit funds in 36 industrial sectors from 2002 to 2005 in China. The study finds that the efficiency of credit funds allocation shows a low correlation with the value creation ability of China’s industrial enterprises as a whole, and the allocation efficiency is poor, and the relevant policy suggestions are put forward.