AN EMPIRICAL STUDY ON THE SCALE OF INTERPROVINCIAL CAPITAL MOBILITY IN CHINA
用省际产品净流出的相反数衡量资本流动规模，发现东部净流入、中西部净流出，且东部内部两大三角洲净流出而京津冀净流入，原因在于地方政府行为导致的内生交易成本差异。
Based on the logic of the reverse flow direction between product and capital,this paper uses the opposite number of the provincial product net flows to measure the scale of the capital mobility,and then analyses its institutional causes.Empirical evidence shows that the net inflow of capital happens in the eastern economic zones,while net capital outflows both in the central and the western part of China,among which the latter,capital erosion has become the invariable landscape.Further evidence shows that within the eastern zones,the big two—Yangtze and Pearl Rive Delta Regions present net capital outflows,while another northern coastal competitor,the BJH Region,has become the capital senke.The implications of the results can be explained by the widely different endogenous transaction costs determined by different government behaviors in the regions.The author suggests that capital availability can be augmented by the persistent reduction in endogenous transaction cost.In the process of promoting interregional industrial transfer and regional industrial upgrading,in order to optimize district investment climate,good public governance such as creditable commitments on property rights protection is indispensable.