中国的资源错配与全要素生产率

发布时间：2018-04-10 20:50

本文选题：全要素生产率 + 错配　；参考：《清华大学》2014年博士论文

【摘要】：全要素生产率（TFP）的差异是造成国际间人均收入差距的重要原因。近年的研究发现，资源在异质厂商、行业之间的微观配置效率，会在很大程度上影响宏观上的总体TFP。本文梳理了资源错配理论的最新进展，介绍了相关经验研究和典型应用，在此基础上，利用中国1998~2007年间的工业企业微观数据，考察了中国的企业、行业间资源错配程度及其随时间变化趋势，并将资源错配与企业特征和政策变量相联系，探讨造成错配的原因。本文的主要发现是：工业部门内行业间的资源错配年均降低了19%的TFP，明显高于发达国家的平均水平（10%左右），表明我国的资源错配程度更严重，也意味着提高资源配置效率的空间仍然较大。资本错配造成的TFP损失远高于劳动力错配（前者是后者的10倍）。跨时期看，采矿业、制造业内部的资源错配程度大幅缩小，而电力、燃气及水的生产和供应业的资源配置效率改善不明显，这可能反映了各行业市场化进程的差异。回归分析表明，行业集中度越低、国有企业比重越大、进出门槛越低以及中西部地区比重越大的行业，越倾向于过度投资；而劳动流动性越高的行业，越可能投入了过多的劳动力。很多探讨错配原因的研究都注意到借贷约束问题，但没有获得一致性的结论。本文发现这些研究往往依赖于衡量金融发展水平的宏观指标，如外部融资占GDP的比重、存贷款利差等，利用这些指标难以解释中国的TFP损失。本文则注意到中国的TFP损失还可能源自微观层面的信贷错配。由于过去很长时期内，利率的市场化程度不高，银行贷款利率显著低于非正式渠道融资，所以更容易从银行获得贷款的企业总是获益并过度投资，从而造成资本错配，降低了整体TFP水平。因此，此前关于借贷约束与资源错配的研究，很可能低估了微观金融扭曲在发展中国家的作用，同时也表明了中国利率市场化改革的迫切性以及对于改善经济总体效率的潜在收益。在现有数据的基础上，本文计算了TFP增长对经济增长的贡献率，并进行国际比较，发现中国和“东亚四小龙”的这一贡献率在25%~50%之间，与世界平均水平较为接近，，高于美国等发达国家同期水平。因此，中国以及东亚过去几十年的增长有别于于苏联模式，是较为健康可持续的。同时，中国当前TFP水平远低于发达国家，表明未来提升生产率水平的空间依然很大。
[Abstract]:Total factor productivity (TFP) is an important cause of the difference between the per capita income gap. In recent years, the study found that the resources in the firm heterogeneity, micro allocative efficiency between industries, will greatly influence the overall macro TFP. this paper reviews the latest progress of the mismatch of resources theory, introduces the related empirical research and a typical application, on this basis, the use of industrial enterprises Chinese micro data from 1998~2007, were investigated China enterprises, with the degree of resource industry and the wrong trend over time, and the mismatch of resources and enterprise characteristics and policy related variables, discusses the cause of mismatch. The major findings of this paper are:
The mismatch of resources in the industrial sector between the industry average annual decrease 19% TFP, significantly higher than the average level of developed countries (about 10%), indicating that China's resource mismatch degree is more serious, also means to improve the efficiency of resource allocation of space is still large. TFP loss of capital mismatch loss caused by mismatch is much higher than that of labor (the former is 10 times of the latter). Over time, the mining industry, manufacturing industry internal resources mismatch degree is reduced, and the efficiency of resource allocation of electric power, gas and water production and supply industry improvement is not obvious, which may reflect the differences in each industry marketization. The regression analysis showed that the concentration of the industry the lower degree, the greater the proportion of state-owned enterprises, and the lower threshold and the central and western regions the proportion of the industry, the more inclined to excessive investment and labor mobility; the higher the industry is more likely to put too much labor.
A lot of research on the causes of mismatch was noticed in borrowing constraints, but did not get a consistent conclusion. We find that these studies often rely on macroeconomic indicators to measure the level of financial development, such as external financing accounted for the proportion of GDP, deposit and loan spreads, use these indicators to explain China loss of TFP. This paper is noticed Chinese TFP loss can also energy from the micro level credit mismatch. In the past a very long period of time, the degree of marketization of interest rate is not high, the bank loan interest rate was significantly lower than that of informal financing, so it is easier to get loans from the Bank of the enterprise always benefit and excessive investment, resulting in misallocation of capital, reducing the overall the level of TFP. Therefore, after about borrowing constraints and the mismatch of resources research, may underestimate the micro financial distortions in developing countries, but also that the China interest rate market The urgency of the reform and the potential benefits of improving the overall economic efficiency.
Based on the existing data, this paper calculates the TFP growth rate of contribution to economic growth, and international comparison, found this contribution China and four East Asian economies the ratio between 25%~50%, is close to the world average, higher than the United States and other developed countries over the same period level. Therefore, Chinese and East Asia over the past few decades years of growth from the Soviet Union, is a more healthy and sustainable. At the same time, the current level of TFP Chinese far lower than developed countries, improve productivity level that the future of space is still great.

【学位授予单位】：清华大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F124;F224

【共引文献】