资本错配与全要素生产率损失——基于A股涉粮流通上市企业的数据分析

Capital Misallocation and Total Factor Productivity Losses——Based on A-share grain-related circulation of listed enterprises date analysis

随着我国经济向高质量发展转型,提高全要素生产率是我国各产业深化改革面临的重要问题。在加快推进农业供给侧结构性改革和大力发展粮食产业的背景下,本文基于1998~2018年A股上市企业数据,对涉粮流通领域的资本错配程度及其造成的全要素生产率损失进行了度量。结果表明:现阶段涉粮流通领域主要表现为资本投入未被充分利用的资本错配,不同细分领域的资本错配程度存在显著差异,总体错配程度较非粮流通领域大。涉粮流通领域的全要素生产率较低,由资本错配引发的涉粮流通领域全要素生产率损失整体呈波动下行状态,各细分领域全要素生产率损失逐渐收敛。在样本期内,由资本错配导致的全要素生产率损失约为4.32%。

With the transformation of China’economy to high-quality development,improving Total Factor Productivity is an important issue for Chinese industries in deepening reform.Under the background of accelerating agricultural supply-side structural reform and developing grain industry vigorously,this paper measures the degree of capital misallocation and the resulting Total Factor Productivity losses in the grain-related circulation industry,based on the data of A-share listed enterprises from 1998 to 2018.The results show that the current grain-related circulation field is the capital Misallocation in which the capital input is not fully utilized.There are significant differences in the degree of capital misallocation among different subsectors,and the overall mismatch is greater than that in the non-grain circulation field.Furthermore,the Total Factor Productivity of grain-related circulation field is relatively low,and the Total Factor Productivity losses caused by capital misallocation in the grain-related circulation field are in a fluctuating downward state.The Total Factor Productivity losses caused by capital misallocation gradually converges in each subdivision.During the sample period,the Total Factor Productivity loss due to capital misallocation is about 4.32%.