价格波动与资源配置的非线性关系研究

Analysis of Price Volatility and Resource Allocation Efficiency

基于非单调性随机前沿分析方法和1985—2009年度省级面板数据,文章从理论和实证两方面研究了价格波动对资源配置无效率的影响。文章主要研究结论包括:(1)价格波动对资源配置效率损失存在非线性影响:整体而言价格波动增加了资源配置的无效率程度。与此同时,较大的价格波动对应较低的配置效率损失,而较小的价格波动反而对应较大的配置效率的损失。(2)利用一个带有调整成本的理论框架,本文对上述"配置效率之谜"提供了一个简要的解释:由于调整生产规模和生产计划的不可忽视的小的菜单成本,企业可能"惰性"的面对小的价格波动,"积极"面对大的价格波动。这一调整策略导致价格波动对资源配置效率损失的非线性影响。

Using stochastic frontier analysis and the panel data from 1985 to 2009, this article studies the relationship be- tween price volatility and resource allocation efficiency from the theoretical and empirical perspectives, this paper indicate that： （1） Price volatility shows ＂mystery of volatility＂ ,which means smaller volatility has a greater resource allocate efhc^eney loss, and vice versa. （2） Under the situation of small menu cost,enterprises will take different strategies Conservative strategy to ad- justive strategy means smaller volatility has a significant effect on resource allocation inefficiency,but greater volatility changed the production plan and ratio of factor input, and no separate impact on allocates efficiency.