资本流动、投资效率与福建省资本市场一体化

利用FH模型,运用我国各省（市、自治区）1978-2012年间的面板数据,结合资本生产率、资本边际产出等指标计算,对福建省资本市场一体化程度及其变化趋势进行测度。福建省内各地区和产业之间的资本生产率和边际产出逐渐趋同,资本市场一体化程度日益提高,民间资本是影响福建省资本流动性和经济增长的最重要因素,资本在三次产业之间的配置不尽合理。福建省要加大内联外放力度,优化资本来源结构;加快金融改革,进一步释放资本活力;通过增加农业投资、调整三产内部结构等途径优化资本配置,提高产出效益。

Capital Flow,Investment Efficiency and Integration of Capital Market in Fujian Province

Based on the provincial panel data in China during 1978-2012 and the productivity of capital and the marginal product of capital,this paper tries to,with Feldstein- Horioka test,measure the degree of capital market integration in Fujian province and its changing trend. The results show that the productivity of capital and the marginal product of capital among various regions of the province and industry are gradually converging,the degree of capital market integration is increasing while the private capital is the most important factor of capital mobility and economic development and the capital in the three industries are unreasonably allocated. So,we should optimize the capital structure by further opening,speed up the financial reform to release further capital activity,increase the allocation of agricultural investment,adjust the allocation of the three industries to optimize the industrial capital so at to improve the capital output efficiency.