金融竞争、相对资本深化与地区经济效率

 与国内外大多从财政收支角度来研究地区的策略性竞争行为不同，本文通过建立空间计量模型检验了我国地区间金融策略性行为，通过构造相对资本深度指标研究了这种背景下地区资本深化对经济效率的影响。研究表明，地区之间的金融策略性竞争行为具有显著的阶段性特征，在很大程度上受地方财政资源充裕程度的影响；从平均意义上来看，全国总体的金融配置并不符合各地资源禀赋结构所决定的最优相对资本深度，存在效率损失，但在不同区域和不同阶段存在显著的差异。因此，合理引导地方政府行为以及有效协调财政金融体制改革对于促进地方金融健康发展进而提升区域经济效率具有深远的意义。

Financial Competition, Relative Capital Deepening and Regional Economic Efficiency

Different from the majority of papers at home and abroad that investigated strategic competition between different regional governments from the respective of regional government revenue and expenditure,spatial econometric model has been established to examine financial competition between regional governments in this paper.Besides,it researches the effects of capital deepening in this environment to regional economic efficiency by constructing the index of relative capital deepening.Conclusions are as follows:Firstly,regional financial competitions at different stages are different,and they are object to the amount of local government revenue to a large extent.Secondly,from an average sense,the financial allocation in China does not meet the optimal level determined by resource comparative advantages of different regions,and it has led to lower efficiency.Thirdly,the efficiency between different regions and different stages is different.Therefore,a reasonable guide to change local government intervention and the effective coordination of fiscal and financial reform is essential for the local financial development and financial efficiency.