地方保护、要素价格扭曲与资源误置——来自A股上市公司的经验证据

Local Protectionism,Factor Prices Distortion and Resources Misallocation——Empirical Evidence from A-share Listed Companies

尽管压低要素价格有助于实现低成本下的高增长,但也会加剧经济结构的失衡。本文基于中国A股上市公司经审计后公开披露的经营数据,采用对企业层面生产函数估计的改进范式,测算2006-2012年国民经济中13个门类产业因要素价格扭曲而导致的资源误置状况。结果发现:首先,与劳动力、中间产品、中间服务等相比,尽管上市公司的资本要素投入较多,但资本配置的效率却较低,地方保护下的种种壁垒阻碍了资本从制造业向服务业的流动,造成产业间资本配置的扭曲;其次,地方保护对劳动力配置效率的负向效应显著,这一情形不仅存在于三次产业之间,而且延伸至服务业内部;最后,替换年份区间的稳健性检验支持了上述论断。未来应从促进普惠金融发展、放松服务业管制、完善地方税体系等方面着手,发挥要素再配置的正向效应,减少资源误置。

Though low factor prices foster economic growth by reducing production costs, they bring about economic imbalance. Based on the financial data set of China＇s A-share listed companies from 2006 to 2012, this paper draws on an improved estimation method of firm＇s production function to estimate resources misallocation due to distorted factor prices within 13 industries out of the national economy. The results show that as compared with labor, intermediate products and intermediate services, though more capital has been inputted into listed companies, the allocation efficiency is relatively low. Various barriers under local protectionism have hindered capital from flowing from manufacturing to service industry and have distorted the capital allocation among industries. Besides, the significantly negative impact of local protectionism on allocation efficiency of labor exists not only among three industries but within the service industry. The robustness tests replacing the sample intervals support the above results. In order to reduce resources misallocation and improve the efficiency of factor reallocation, some policies, such as developing the financial system of generalized preferential treatment, deregulating the service industry administration, and reforming local tax system, should be introduced.