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基于1978~2012年中国省级面板数据,使用F-H模型从总量层面和私人层面研究了中国省际资本流动问题。研究结果显示,不管是总量层面还是私人层面,投资-储蓄间的相关关系都比较高,表明资本在省际间的流动性比较低,并且资本在私人层面的流动性比总量层面还要低,这意味着各级政府在省际资本流动过程中起到了积极作用;此外,将1978~2012年划分为1978~1993年和1994~2012年两个时期进行研究发现,后一时期资本在省际间的流动性有所提高,省际资本流动性呈现出增强的趋势。最后,基于研究结论,提出了相应的政策建议。
Based on the Chinese provincial panel data from 1978 to 2012, this paper uses the F-H model to study China’s inter-provincial capital flows at the aggregate and private levels. The results show that there is a high correlation between investment and savings, both in aggregate terms and in the private sector, indicating that capital is less liquid in the inter-provincial area and capital is more liquid than private at the private level Low, which means that all levels of government play an active role in the process of inter-provincial capital flow; In addition, the 1978-2012 period is divided into 1978 ~ 1993 and 1994 ~ 2012 two periods of research found that the latter period of capital in Inter-provincial liquidity has increased, inter-provincial capital mobility has shown an increasing trend. Finally, based on the conclusion of the study, the corresponding policy recommendations are put forward.