从要素市场化看供给侧改革的中长期实践路径--基于随机前沿模型增长核算的分析

THE LONG-TERM PATH OF SUPPLY-SIDE REFORM IN CHINA FROM THE PERSPECTIVE OF FACTOR MARKET——Based on Stochastic Frontier Approach Analysis of Economic Growth

本文从要素市场化角度分析中国供给侧改革的中长期实践路径。从经济增长核算的角度出发,本文基于2005—2013年全国分省面板数据,通过超越对数生产函数形式的随机前沿模型测算经济增长来源并分解全要素生产率,发现TFP是非农经济增长的主要来源。然而TFP分解中技术效率偏低,且逐年下降,成为阻碍TFP增长以及经济增长的一大桎梏,而要素市场扭曲是技术效率项偏低的重要原因。促进要素市场化能够推进要素向高效企业流动,进而提高社会整体生产效率水平,本文认为,这是中国供给侧结构性改革的中长期实践路径。

From the perspective of factor marketization, this paper discusses the long-term path of China＇s supply-side reform. We start from economic growth accounting. Based on provincial panel data of 2005--2013, by using stochastic frontier model in the form of Translog Production Function, we find that TFP is the main source of non-agricultural economic growth, which means China has transferred into in- tensive growth model in recent years. However, the technical efficiency from TFP decomposition is low and declining year by year, which becomes a major obstacle of TFP growth, even economic growth. Distortions of factor market are the main reasons for the low technical efficiency, while promoting factor marketization can definitely mitigate distortions. Thus, this paper argues that factor marketization should be the long-term path of China＇s supply-side structural reform, which can promote factors flowing into efficient enterprises and improve overall productivity of society. In view of this, after referring status quo and problems of four factors., labor, capital, energy and land, this paper gives a bundle of market-oriented reform policy recommendations.