关键词: 资本配置, 趋同, 效率

Abstract: Since the reform and opening, China has realized the transformation from planned economy to market economy. Has the capital deployment efficiency been improved? This paper constructs a conditional convergence framework of capital-output ratio, and uses the adjustment speed to measure the capital deployment efficiency. We find that the capital-output ratio of provinces of China exactly converges to their equilibrium level from 1952, and the conditional convergence phenomenon is obvious. In 1978 and 1992, the adjustment speed of capital-output ratio rises assuredly. It shows that the market reform improves the capital deployment efficiency. In addition, the capital deployment efficiency of the East is higher than that of the Middle and West after 1992.

Key words: Capital Deployment, Convergence, Capital-output ratio