资本错配会诱发全要素生产率损失吗

Was Capital Misallocation an Important Factor for Loss in Total Factor Productivity?

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.

Nowadays factor misallocation becomes a universal phenomenon in the developing countries, while literature focuses on the effect of the labor not capital misallocation on total factor productivity. This paper develops a framework based on multi-sector model in the condition of imperfect market, with capital frictions coefficient indicating the magnitude of capital misallocation, and take the panel data of China＇ s eight sectors during 1978 -2010 to measure the effect of capital misallocatitm on TFP. It shows that： capital allocation efficiency appears a negative effect, and the loss of resource allocation efficiency stemmed from capital misallocation is obvious, which make total factor productivity decline 2. 6%. Due to the barrier of capital mobility, China＇s economic gap between actual output and potential output is significant, and the actual output accounts for 70% - 89% of potential output. And it is the financial monopoly that induces capital mobility barrier, and capital misallocation across sectors.