CAJ | 학술논문

文章基于Jeffrey Wurgler（2000）的资本配置效率模型，采用面板数据模型，对我国1997--2010年17个高技术产业的内、外资资本配置效率进行实证分析。研究表明：由于我国国情和社会体制的特殊性，高技术产业的内资资本配置效率整体相对于外资较低；我国高技术产业的内资资本配置效率年度波动较外资小，我国宏观调控政策有效地促进了高技术产业中内资企业的资本配置效率的改善，而我国高技术产业的政策法规会对高技术产业中外资企业的资本配置效率水平和比率产生直接影响；我国高技术产业内部各行业的内、外资自发投资水平差异较大，这主要是由产业政策、产业结构的调整与转移和国内市场竞争关系所决定。
문장기우Jeffrey Wurgler（2000）적자본배치효솔모형，채용면판수거모형，대아국1997--2010년17개고기술산업적내、외자자본배치효솔진행실증분석。연구표명：유우아국국정화사회체제적특수성，고기술산업적내자자본배치효솔정체상대우외자교저；아국고기술산업적내자자본배치효솔년도파동교외자소，아국굉관조공정책유효지촉진료고기술산업중내자기업적자본배치효솔적개선，이아국고기술산업적정책법규회대고기술산업중외자기업적자본배치효솔수평화비솔산생직접영향；아국고기술산업내부각행업적내、외자자발투자수평차이교대，저주요시유산업정책、산업결구적조정여전이화국내시장경쟁관계소결정。
Based on Jeffrey Wurgler（2000） capital allocation efficiency model, this paper uses panel data model, empirically analyzes the capital allocation efficiency of the 17 high-tech industries of China from 1996--2010. The result shows： the capital allocation efficiency of domestic capital is lower than foreign capital in China＇s high-tech industry; the capital allocation efficiency of foreign capital has greater fluctuation than domestic capital in China＇s high-tech industry, China＇s macro control policy effectively promotes the capital allocation efficiency of domestic capital, China＇s laws and regulations directly affect the capital allocation efficiency of foreign capital autonomous invest level of domestic and foreign capital exists comparatively great difference in industries, because of industrial policy, the adjustment of industrial structure and the domestic market competition relationship.