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资本配置效率不仅取决于市场的完善程度,也受制于企业本身的生产过程。本文采用动态资本投入模型描述了企业的生产过程,利用分析推导出的四个回归关系式,论证了产业内生产率变动的离散程度对企业的资本配置效率的影响,并指出了产生该项影响的原因是企业存在资本调整成本。另外,矩关系式表明产业内企业生产率变动的离散程度与企业生产过程中面临的不确定性有关。之后采用中国工业企业1999~2007年的面板数据,实证检验了企业生产率变动的差异与企业资本配置效率的关系,同时用模拟矩估计的方法估计了中国工业企业的资本调整成本函数,计算得出包括资本调整成本的理论模型所预测的数据与真实数据的拟合度为0.96。本文的研究结果表明提高企业的资本配置效率需要为企业创造稳定的产业环境,以及降低企业的资本调整成本。
Capital allocation efficiency depends not only on the degree of market sophistication, but also subject to the production process of the enterprise itself. In this paper, the dynamic capital investment model is used to describe the production process of an enterprise, and the four regression formulas derived from the analysis are used to demonstrate the impact of the degree of dispersion of intra-industry productivity changes on the capital allocation efficiency of an enterprise. The reason is that enterprises have capital adjustment costs. In addition, the moment relation shows that the degree of dispersion in the change of firm productivity in the industry is related to the uncertainty that the firm faces in the production process. Then, the panel data of Chinese industrial enterprises from 1999 to 2007 are used to empirically test the relationship between the difference of firm productivity and the efficiency of capital allocation. Simultaneously, the method of moment estimation is used to estimate the capital cost of Chinese industrial enterprises. The fit of the data predicted by the theoretical model including the cost of capital adjustment to the real data is 0.96. The result of this paper shows that to improve the capital allocation efficiency of enterprises, it is necessary to create a stable industrial environment for enterprises and reduce the capital adjustment costs of enterprises.