Abstract: The dynamic panel data model reveals a regional discrepancy in capital allocation efficiency across China. Teasing out the common factors, the factor augmented model shows that the capital allocation efficiency did not improve on large over the last 15 years, while the gap between the West and the rest of country enlarged. Capital misallocation subverts structural change, regional balance and economic growth. An enhanced efficiency and balanced development are core targets for the financial reform.

摘要： 运用动态面板数据模型分析发现，我国的资本配置效率存在地区间差异。经过主成分分析法剔除共同因子后，因子扩增模型进一步表明，我国资本配置效率近十五年来并未明显提高，但东、中部地区与西部地区的差距有所扩大。资本误置制约了我国的产业转型、区域平衡和经济增长。改善绩效与协调发展是我国金融部门进一步改革的迫切任务。