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本文运用跨省数据和随机前沿分析方法实证分析了中国资本投入对经济效率变化的具体影响。分析结果表明,中国的资本投入对经济效率的提高并没有起到正面的促进作用,其原因是中国资本投入国有企业比重过高制约了资本对技术效率提高的贡献。当前经济刺激政策能否取得成功和金融危机后中国经济能否可持续发展的关键,是资本能否真正投入到更具效率的中小企业和民营企业中去。
This paper uses cross-provincial data and stochastic frontier analysis to empirically analyze the specific impact of China’s capital investment on economic efficiency. The analysis shows that China’s capital investment does not play a positive role in boosting economic efficiency. The reason is that the excessively high proportion of Chinese capital invested in state-owned enterprises constrains the contribution of capital to technological efficiency. The key to the success of the current economic stimulus and the sustainable development of China’s economy after the financial crisis is whether capital can really be invested in more efficient SMEs and private-owned enterprises.