要素市场扭曲与企业间生产率差异:理论及实证

Factor Market Distortion and Interfirm Productivity Dispersion:Theoretical and Empirical Analysis

资源错配突出表现为企业间持续而显著的生产率差异,这一现象在中国制造业中尤其明显。文章基于中国要素市场化改革滞后性的典型事实,研究要素市场扭曲对企业间生产率差异的影响机理。在放松了经典模型关于企业进入与退出某一行业是外生的基本假设后,新的理论分析揭示:扭曲的要素价格影响了企业的生产行为及其进入与退出决策,降低了市场均衡时生产率分布的临界值,从而使得低效率的企业得以继续存活,造成优胜劣汰的市场选择机制部分失灵,最终导致企业间生产率差异的扩大。进一步地,文章基于中国市场化指数估算了行业要素的价格扭曲程度,并利用1998-2007年中国工业企业数据库中的制造业企业数据检验要素市场扭曲与企业间生产率差异之间的关系,结果显示:要素市场扭曲指数每减少1%可以使得企业间生产率差异降低0.46%。文章对于我国当前如何矫正要素市场扭曲,并形成以市场为导向的要素价格机制,从而促进企业间的有效竞争以实现资源优化配置具有重要的政策含义。

Resources misallocation is prominently embodied by continuous and significant productivity dispersion among firms,especially obvious in manufacturing in China.Based on the typical fact of hysteresis of factor marketization reform in China,this paper studies the effect of factor market distortion on interfirm productivity dispersion.After relaxing the exogenous assumption of firm entry and exit in typical models,new theoretical analysis shows that distorted factor prices affect enterprise production behavior and decisions on entry and exit,lower the critical value of the productivity distribution in the market equilibrium,and thus make enterprises with low efficiency survive,leading to the partial failure of market selection mechanism of the survival of the fittest and finally widening interfirm productivity dispersion.Furthermore,based on marketization indexes in China,it estimates price distortion degree of industry factors,and tests the relationship between factor market distortion and interfirm productivity dispersion by using the data of manufacturing enterprises in China Industrial Enterprise Database from 1998 to 2007.It concludes that the reduction in factor market distortion index by 1%leads to the decrease in interfirm productivity dispersion by 0.46%.It is of great policy significance to the correction of factor market distortion,the formation of market-oriented factor price mechanism and thereby the promotion of effective interfirm competition to achieve the optimization of resources distribution.