中国制造业要素价格扭曲研究——来自A股制造业上市公司的经验数据

Research on the factor price distortion of a-listed manufacturing companies

我国已经进入中等收入国家行列,依靠行政手段来压低要素价格已经无法带来竞争力;因此,要素市场价格扭曲成为我国经济转型的研究重点,制造业作为促进经济发展的重要支柱,其未来发展方向非常重要。本文采用超越对数生产函数对已上市的1 274家制造业数据进行计量分析,并选取2011—2015年财务数据确定时间趋势;结果显示:我国制造业在资本、劳动生产要素价格方面存在较大扭曲;随着金融管制逐渐放松,资本要素扭曲有所缓解,而劳动要素价格扭曲却有恶化趋势,这主要是因为劳动力流动存在玻璃门障碍。

Since China has entered into the ranks of middle-income countries, relying on administrative means to depress the price of factors has been unable to bring competitiveness. And thus factor market price distortion is the focus of research on China＇s economic transformation. As an important pillar of economic development, the develop- ment of manufacturing industry for the future is very important. In this paper, we use Translog production function to measure the data of 1274 listed manufacturing industry, and select the 2011-2015 financial data to determine the time trend. Measurement results show that China＇s manufacturing industry has a big distortion in terms of capital and labor factors. And with deregulation of financial, capital distortions have eased; but labor factor price distor- tions have had worsen trend, which is mainly due to the existence of a glass door barrier in the labor flow.