资源误配、经济增长绩效与企业市场进入:国有与非国有部门的二元视角

Misallocation, Economic Growth Performance and the Market Entry of Firms: A Dual Perspective of State and Non-state Sectors

学界关于中国经济运行特征较为一致的看法是,国有与非国有部门间存在相当程度的资源误配,然而却鲜有文献更进一步综合考察其对产出、全要素生产率、特别是企业市场进入率的影响。本文尝试从理论和实证两方面对这一问题进行系统探讨。理论模型数值模拟结果显示:(1)国有与非国有部门间的资源误配引致产出、全要素生产率以及企业市场进入率分别下降43%、19%与65%;(2)扣除市场摩擦效应后,国有与非国有部门间的资源误配净效应仍可解释产出、全要素生产率以及企业市场进入率下降的31%、12%与53%。基于1998—2007年工业企业数据库与270个地级市统计数据的多视角实证分析进一步支持了理论模拟结果。上述结论意味着,中国经济远未达到前沿面,还存在巨大潜力。若在依照《中共中央、国务院关于深化国有企业改革的指导意见》路线图、提高国有部门生产效率的同时,通过改革进一步理顺、优化两部门间的资源配置,"新常态"下的中国经济在一个较长时间内保持平稳较快增长并非不可期。

There is a broad consensus of opinion about that a considerable degree of resource misallocation exists between the state and non-state sectors in China. However, few of the researchers further investigate the influences of such misallocation on output, TFP and the entry of firms. This paper attempts to explore the issues above theoretically and empirically. The theoretical simulation results imply that： （1）The misallocation between state and non-state sectors results in the loss of 43% output and 19% TFP, the market entry rate of firms are dramatically lowered by 65%; （2）Controlling market friction effect, the misallocation still reduces 31% of output, 12% of TFP and 53% of market entry rate of firms. The empirical results further strengthen the theoretical results. These results imply that China＇s economy is far away from the frontiers. If the TFP of the state sector is improved and allocation of resources between the two sectors is optimized, which is proposed by the ＂CPC Central Committee and the State Council on deepening the reform of state-owned enterprises guidance＂, China economy will enjoy another steady and rapid growth under ＂New Normal＂.