市场化改革同步性对企业生产率的动态影响

Market Reform Synchronization and Dynamics of Firm Productivity

本文探讨了中国经济转型期各领域市场化改革进程相互协调性对企业生产率的动态影响机制,并通过创新性构造一个市场化同步性指数,以中国工业企业为样本进行了实证分析。市场化改革的同步性对企业生产率的边际影响呈上升、平稳,再加速上升的非线性关系;拓展性分析还发现非国有企业和大型企业生产率的变化对市场化同步性更加敏感。本文的研究表明,在经济转型期,进一步协同推进市场化进程将更显著地促进企业加速提高生产率,为全面深化市场化制度改革对经济增长稳中求进的重要意义提供了新的微观依据。

This paper investigates the dynamic influential mechanism of temporal synchronization of China＇ s market reform on the firm productivity. An innovative synchronization index is constructed based on the marketization index. Using Chinese industrial firms as sample, an empirical analysis is conducted by introducing an innovative index of marketization synchronization. The results implicate that： the market reform synchronization exhibits a three-phase nonlinear relationship with firm productivity,i, e. , as the level of marketization synchronization exceed the second turning point, it will lead to accelerated increase of firm productivity. Extensive investigation further illustrates that the productivities of non-state owned and larger scaled enterprises are more sensitive to the degree of synchronization of their local region. The results indicate further coordinating marketization progress is a key driver for the sustainable increase of firm productivity, which provide additional micro-evidence for China＇ s stable-while-progressive economic growth.