要素错配与中国工业增长

Misallocation and the Growth of China's Industry

采用一个测度要素错配对总生产率效应的核算框架,使用中国工业1994~2011年两位数行业的数据,在行业层面上研究了要素错配对产出、生产率的影响。结果显示,行业间的生产率增长和要素配置扭曲程度均存在很大差异,2009~2011年要素错配引起的产出缺口约为29%,通过优化要素配置提升中国工业增长效率的潜力很大。分行业来看,资源垄断性行业存在严重的资本和劳动错配;劳动配置效应比较大的行业主要是劳动力不足的技术密集型行业和劳动力过剩的劳动密集型行业。分要素来看,资本错配程度更高,资本投入和资本配置效应对产出增长的作用更大。

This paper applies an accounting framework that measures the effect of misallocation on aggregate TFP and uses the Chinese industry sector data at the two- digit level from 1994 through 2011 to quantify the effect of misallocation on output and productivity. The main findings are that there exists great difference of TFP growth and the extent of factor distortion between sectors and the output gap is about 29% during 2009 ~ 2011 because of resource misallocation,so promote efficiency of China＇s industry growth is large by optimizing resource allocation.By the sector- level analysis,there exists serious misallocation of capital and labor in the resource monopoly industries; the allocation effect of capital on output is larger in the industries of capital shortage; and the allocation effect of labor on output is greater in the industries of relative labor redundance or shortage. Moreover,compared with labor,the extent of capital misallocation is worse,capital input and capital allocation effect on output is lager.