CAJ | 학술논문

改革开放以来，随着我国逐渐从计划经济向市场经济体制过渡，资本的配置效率是否得到了提升？本文构建了基于资本产出比的条件趋同分析框架，并使用资本产出比的调整速度来量度资本配置效率。实证检验发现，1952年以来我国省区资本产出比均向各自的稳定状态收敛，条件趋同现象显著。1978年和1992年前后，资本产出比的调整速度出现了阶段性提升，这说明市场化改革提高了我国的资本配置效率。另外，1992年之后，东部地区的资本配置效率要明显高于中西部地区。
개혁개방이래，수착아국축점종계화경제향시장경제체제과도，자본적배치효솔시부득도료제승？본문구건료기우자본산출비적조건추동분석광가，병사용자본산출비적조정속도래량도자본배치효솔。실증검험발현，1952년이래아국성구자본산출비균향각자적은정상태수렴，조건추동현상현저。1978년화1992년전후，자본산출비적조정속도출현료계단성제승，저설명시장화개혁제고료아국적자본배치효솔。령외，1992년지후，동부지구적자본배치효솔요명현고우중서부지구。
Since the reform and opening, China has finished the transformation from planned economy to market economy. Has the capital deployment efficiency been improved？ This paper constructs a conditional convergence framework of capital-output ratio, and uses the adjustment speed to measure the capital deployment efficiency. We find that the capital-output ratio of Chinese provinces exactly converges to their equilibrium level from 1952, and the conditional convergence phenomenon is obvious. In 1978 and 1992, the adjustment speed of capital-output ratio rises assuredly. It shows that the market reform improves the capital deployment efficiency. In addition, the capital deployment efficiency of the East is higher than that of the Middle and West after 1992.