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本文通过对我国30个省、直辖市、自治区17个制造业行业2006—2012年的相关数据进行考察,基于我国投资现状设定固定资产投资的工业销售量弹性为投资分配效率指标,研究金融发展、FDI及相关控制变量对投资分配效率的影响。实证分析结果显示,银行信贷总量改善了投资分配效率,私人部门银行信贷对投资分配效率的作用不明显,证券市场规模与FDI对投资分配效率均存在负面影响,银行信贷总量、私人部门银行信贷、证券市场规模与FDI之间都存在显著的竞争和挤出效应。
This article examines the relative data of 17 manufacturing industries in 30 provinces, municipalities and autonomous regions in China from 2006 to 2012, sets the industrial sales elasticity of fixed asset investment based on the status quo of China’s investment as an index of investment efficiency, studies financial development, Impact of FDI and Related Control Variables on Investment Allocation Efficiency. The results of empirical analysis show that the total amount of bank credit improves the efficiency of investment allocation, the effect of private sector bank credit on investment allocation efficiency is not obvious, the size of securities market and FDI have a negative impact on the efficiency of investment distribution. The total amount of bank credit, private sector banks There is significant competition and crowding-out effect between credit, stock market size and FDI.