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资本配置效率对工业发展转型十分重要。笔者以2004年~2012年中国工业38个行业数据为研究样本,分析了信贷资本在工业各行业的配置效率,发现工业各行业信贷资本配置效率整体较低,能源、采矿、原材料等政策性和资源消耗型行业信贷敏感系数较小却涌入大量信贷资本,而电气机械等装备制造业等行业信贷支持不足。实证发现,产生这一现象的原因是政府对信贷资本配置的干预,严重扭曲了信贷资本的配置,致使产能过剩行业产生了较强的路径依赖惯性,严重阻碍了我国工业发展与结构优化。
The efficiency of capital allocation is very important for the transformation of industrial development. Based on the data of 38 industries in China from 2004 to 2012, the author analyzes the allocation efficiency of credit capital in various industries. It finds that the efficiency of credit capital allocation in all industries is low, and the policies, such as energy, mining and raw materials, However, the credit sensitivity coefficient of resources-consuming industries is small, but a large amount of credit capital is infused. However, industries such as electrical machinery and equipment manufacturing industries have insufficient credit support. The empirical analysis shows that the reason for this phenomenon is that the government intervention in the allocation of credit capital has seriously distorted the allocation of credit capital, resulting in a strong path dependence inertia in overcapacity industries, which seriously hindered the industrial development and structural optimization in China.