中国造纸及纸制品业物质资本配置效率研究——基于面板数据的实证分析

以Jeffrey Wurgler构建的资本配置效率模型为理论基础,分析了中国造纸及纸制品业物质资本增长与利润增长之间的数量关系,从而得出结论：中国造纸及纸制品业物质资本配置效率较低。从资本运营和融资渠道等角度,分析制约中国造纸及纸制品业物质资本配置效率的主要因素。最后,从经营模式、资本利用和区域布局等方面,系统地提出优化中国造纸及纸制品业物质资本配置效率的对策建议。

Allocation Efficiency of Physical Capital of Chinese Papermaking and Paper Products Industry:an Empirical Analysis on Panel Data

Based on the capital allocation efficiency model of Jeffrey Wurgler, this paper analyzes the quantitative relationship between physical capital growth and profit growth in papermaking and paper products industry in China. The conclusion is that the allocation efficiency of physical capital of papermaking and paper products industry is inefficient. The main factors are analyzed from the viewpoint of capital management and financing channel which restrict allocation efficiency of physical capital of papermaking and paper products industry. Finally, countermeasures are put forward to optimize allocation efficiency of physical capital of papermaking and paper products industry from the aspects of business model, capital utilization and regional layout.