要素错配、自主创新与制造业高质量发展

Factor misallocation, independent innovation and high-quality development of manufacturing industry

改善要素配置效率和提高技术进步水平是促进制造业全要素生产率(Total Factor Productivity,以下简称TFP)增长,进而实现制造业高质量发展的重要突破口。通过将要素错配和自主创新引入异质性企业垄断竞争模型,提出了要素错配如何通过影响自主创新对制造业高质量发展的间接作用机制。继而,采用2007-2019年制造业上市公司数据、城市经济社会数据和微观土地出让数据进行经验探究,综合考察资本错配、劳动力错配和土地错配等多维度要素错配对制造业高质量发展的直接和间接影响效应。研究结果表明,资本错配和土地错配对制造业高质量发展具有直接抑制作用,而自主创新直接推动制造业高质量发展。值得关注的是,资本错配还会通过抑制自主创新,间接阻碍制造业高质量发展。本文的研究从多维度要素错配角度明确地指出了制造业高质量发展的困境之源。因此,系统推进要素市场化配置改革,优化要素配置效率,从而激发自主创新活力,提高自主创新能力,能够加快制造业TFP提升步伐,推动中国制造业高质量发展。

The key to improving total factor productivity(TFP)and achieving high-quality development of China’s manufacturing industry lies in improving the allocation efficiency of various factors and boosting technological progress.This paper builds a heterogeneous firm model of monopolistic competition,which incorporates variable factor market distortions,fixed factor market distortions,and input in independent innovation.Based on the model,this paper theoretically studies not only the direct influence mechanism of factor misallocation and independent innovation on high-quality development of manufacturing industry,but also the indirect influence mechanism of factor misallocation on high-quality development of manufacturing industry arising from independent innovation input.The instrumental variable model is used to examine the direct and indirect mechanism by using firm-level panel data taken from Chinese listed companies from 2007 to 2019.The results indicate that there is a directly negative effect of capital misallocation and land misallocation on high-quality development of China’s manufacturing industry.However,the direct effect of independent innovation input on high-quality development of China’s manufacturing industry is positive.Moreover,capital misallocation is found to inhibit independent innovation input,which further has a negative impact on TFP growth.This paper clearly points out the source of high-quality development dilemma of China’s manufacturing industry from the perspective of factors misallocation.The policy implication is very clear that carry out systemic reforms to promote the market-based allocation of production factors and raise capacity for independent innovation.Accordingly,we will further improve TFP and achieve high-quality development of China’s manufacturing industry.