资本错配、所有制改革与中国制造业生产率
阅读全文
下载全文 |
| Title | Capital Misallocation, Ownership and China’s Manufacturing TFP
|
| 作者 | 李旭超 宋敏 金祥荣 |
| Author | Li Xuchao,Song Min and Jin Xiangrong |
| 作者单位 | 浙江大学经济学院 |
| Organization | Zhejiang University |
| 作者Email | henanlixuchao@163.com |
| 中文关键词 | 所有制 生产率 资本错配 国企改革 |
| Key Words | Ownership, TFP, Misallocation; Reform of SOEs |
| 内容提要 | 资本错配会造成加总TFP损失。本文从企业所有制性质出发，将TFP损失分解为国有部门组内资本错配、非国有部门组内资本错配和两部门的组间资本错配三部分，从多角度分析所有制因素的影响，并比较不同再配置路径的效果。实证结果发现：（1）尽管国有企业的微观生产率（TFP）向非国有企业收敛，但其组内配置效率较差，企业生产率不能充分发挥，这是国有部门加总TFP低于非国有部门的重要原因。（2）虽然非国有部门配置效率比国有部门高，但其配置改善速度落后于其经济比重提升的速度，非国有部门的组内资本错配成为制造业效率损失的最主要来源，2007年贡献度达94%，市场的资本配置功能亟待提高。（3）健全和完善市场体系，推动非国有部门组内再配置，能最大程度释放改革红利，其次是国有部门的组内再配置。在非国有部门配置体系不佳的情况下，盲目推动国有企业产权改革并不能有效缓解效率损失问题。 |
| Abstract | TFP lose can be resulted from capital misallocation. From a perspective of ownership, we decompose aggregate TFP lose into three parts, misallocation within the SOEs group, misallocation within the non-SOEs group, and misallocation between the two group, and then we conduct a counterfactual analysis to find the best way of reallocation. We find that: (1) TFP distribution of SOEs are converging to that of non-SOEs, however, allocation within SOEs group are much less efficiency than that within non-SOEs group, which is an important point to explain why aggregate TFP of SOEs is lower than that of non-SOEs; (2)the weight of non-SOEs in China’s manufacturing industries grows so fast and the allocation efficiency of non-SOEs decrease so slow that misallocation with non-SOEs group contributes most to total TFP lose; (3) reallocation within non-SOEs group can increase aggregate TFP by 21.7% in 2007, which is the best way of reallocation. |
| 文章编号 | WP1193 |
| 登载时间 | 2017-06-09 |
|