资本错配会诱发全要素生产率损失吗

发布时间：2018-11-05 20:25

【摘要】：当前要素错配已成为发展中国家的普遍现象,但前沿文献更多关注劳动力错配而非资本错配对全要素生产率的影响。本文构建不完全市场条件下的多部门模型,以资本流动系数表征资本错配水平,结合中国1978-2010年八大产业面板数据定量测算资本错配对全要素生产率的影响。结果显示:资本配置效率整体对全要素生产率增长的作用为负,源于资本错配引发的资源配置效率损失对全要素生产率的影响突出,导致全要素生产率下降2.6%。同时,资本错配使实际产出与潜在产出形成较大缺口,实际产出仅占潜在产出的70%~89%。这可能由于金融系统的垄断抑制了资本自由流动,进而引致产业间资本出现较大程度的错配,造成全要素生产率和产出效率的损失。
[Abstract]:At present, factor mismatch has become a common phenomenon in developing countries, but the frontier literature pays more attention to the effect of labor mismatch than capital mismatch on total factor productivity. In this paper, a multi-sector model under incomplete market conditions is constructed. The capital mismatch level is characterized by capital flow coefficient, and the effect of capital mismatch on total factor productivity (TFP) is measured quantitatively with the panel data of eight major industries in China from 1978 to 2010. The results show that the overall effect of capital allocation efficiency on total factor productivity growth is negative. The loss of resource allocation efficiency caused by capital mismatch has a prominent impact on total factor productivity, resulting in a decrease of total factor productivity of 2.6%. At the same time, the mismatch of capital causes the gap between the actual output and the potential output, and the actual output only accounts for 70% of the potential output. This may be due to the monopoly of the financial system which inhibits the free flow of capital and leads to a large mismatch of capital between industries resulting in the loss of total factor productivity and output efficiency.
【作者单位】：东北师范大学经济学院;
【基金】：教育部新世纪优秀人才项目“要素结构视角下经济结构调整和经济自主协调发展研究”(NCET-12-0818) 国家社会科学基金青年项目“我国技术进步方向及其对要素收入分配格局的影响研究”(12CJY007),国家社会科学基金重大项目“推进经济结构战略性调整研究”(13&ZD022)的资助
【分类号】：F124;F224

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