金融资源错配与技术进步偏向性研究

A Study on Financial Resources Misallocation and Biased Technical Progress

金融资源错配不仅影响全要素生产率,而且对技术进步的方向产生影响。金融资源错配对技术进步偏向的影响主要表现在两个方面:一方面,政府的行政干预导致金融资源错配,进而使技术进步偏向资本;另一方面,资本要素价格扭曲导致技术进步偏向资本。金融资源错配致使我国技术进步偏向资本从而产生三种宏观经济效应:国民收入分配中劳动要素的收入份额不断下降,工业部门产能过剩,产业结构失衡。我国有必要进行要素市场化改革、银行体制改革和金融供给侧结构性改革,以缓解这三种宏观经济效应对经济可持续发展的不利影响。

Financial resource misallocation not only affects total-factor productivity,but also the direction of technological progress.Its impact on technical progress bias is mainly manifested in two aspects:on the one hand,governmental administrative intervention leads to the misallocation,which makes the technological progress bias to the capital;on the other,the price distortion of the capital factor also leads to technological progress' partiality for the capital.This will produce three macroeconomic effects:the declining income share of the labor factor in the distribution of national income;excess industrial capacity;imbalance of industrial structure.In order to alleviate the three adverse macroeconomic effects on the sustainable development of China's economy,it is necessary to marketize the factors and reform the banking system and the supply side of the financial structure.