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资本是重要的生产要素之一,资本配置效率提升对促进经济增长至关重要。近年来我国资本总量增加较快,使用不同测度方法获得的资本配置效率测度结果虽然略有差异,但基本一致显示我国资本配置效率总体仍然较低。资本配置主要通过银行、机构投资者和外商直接投资三类渠道实施,影响资本配置效率的诸多因素大致可分为金融市场、金融制度和金融中介三类。不同渠道和因素对资本配置效率的影响具有非线性特征,需要进一步确认并给予重视。
Capital is one of the important factors of production. Increasing the efficiency of capital allocation is crucial to promoting economic growth. In recent years, the total amount of capital in our country has increased rapidly. Although the result of capital allocation efficiency obtained by using different measures has a slight difference, it basically shows that the overall efficiency of capital allocation in China is still relatively low. Capital allocation is mainly implemented through three channels: banks, institutional investors and foreign direct investment. Many factors that affect the efficiency of capital allocation can be divided into three categories: financial market, financial system and financial intermediary. The impact of different channels and factors on the efficiency of capital allocation has a nonlinear characteristic and needs further confirmation and attention.