要素价格扭曲的测度及成因分析

Calculation and Causation Analysis of Factor Price Distortions

本文利用1998-2007年的工业企业数据对中国30个制造业行业资本和劳动力价格扭曲的程度进行了实证测算，发现不同行业资本和劳动力价格的扭曲程度存在较大差异。在样本期内，中国各行业资本和劳动力价格的扭曲程度虽略有下降，但扭曲问题依然普遍存在。同时，本文分别利用全样本和大类行业子样本、使用最小虚拟变量二乘法检验要素价格扭曲的影响因素及各影响因素的作用机制，发现企业特征（企业规模和企业所有制特征）、企业所属行业特征及企业所处地域特征是造成企业资本和劳动力价格扭曲的主要原因：企业特征、市场特征和地域差异通过影响要素的边际收益产品和要素的使用成本，最终影响要素价格扭曲；企业特征、市场特征和地域差异因素对不同方向的要素价格扭曲存在差异性影响。

China＇s factor market reform lags behind the product market reform seriously, and it has received increasing attention in recent years as Chinese government has been advancing structural reforms. This paper measures the degree of factor price distortions and identifies its key influencers. To this end, we calculate the price distortions of capital and labor across different manufacturing industries from 1998 to 2007 using firm-level data. The results show that the factor price distortions vary among different industries, and that no significant declines are observed in the sample session. We use LSDV method to explore the possible influencing factors of distortions based on the full sample and subsample data. The results indicate that enterprise＇s characteristic variables, industrial characteristic variables and regional differences are the main driving forces. The enterprise＇s and industrial characteristic variables as well as regional differences affect factor price distortions through marginal revenue products and cost of using. And we also find that the influences of enterprise＇s and industrial characteristic variables as well as regional differences on factor price distortions are asymmetric because of the positive and negative directions of price distortions.