资本深化与行业全要素生产率增长——来自中国工业1990-2013年的经验证据

Capital Deepening and Industrial Total Factor Productivity Growth:Empirical Evidence from Chinese Industry in the Period 1990-2013

本文从资本深化的行业特征、结构及动因三个维度刻画并检验了转型时期资本深化对工业全要素生产率增长的效应,为新常态下促进工业全要素生产率增长、实现增长方式转变提供了理论依据和经验支撑。研究发现:资本密集度高的行业,资本深化对全要素生产率增长的促进作用较低;设备投资占固定资产投资比重的提高,并没有显著增强资本深化对全要素生产率增长的影响;当资本深化由政府政策推动时,资本深化对全要素生产率增长的推动作用较小;国有企业总产值增长率较高的行业,资本深化对全要素生产率增长的正向作用较小,但所有制结构远不是解释全要素生产率变化的最主要理由。本文具有深刻的政策含义:应进一步提高设备投资在固定资产投资中的比重,提升设备的技术含量对资本密集型行业尤为重要;所有制结构改革并不必然要求所有制结构的重大调整,重点应是提高国有企业的效率。

This paper depicts and tests the effect of capital deepening on TFP growth in three dimensions: industrial characteristics,structure and motivation. It provides theoretical basis and empirical support for promoting industrial TFP growth and changing growth mode under The New Normal. It finds that: in the industries with high capital intensity,the effect of capital deepening is relatively week. Increasing the proportion of equipment investment in fixed assets investment cannot enhance the effect significantly. When capital deepening is induced by government,it is less effective. Capital deepening has less positive effect on TFP growth in industries that state-owned enterprises have higher total output growth rate,but ownership structure is far from the main factor to explain TFP Change. This paper is rich in policy implications. We should further improve the proportion of equipment investment in fixed assets investment. The improvement of equipment technology is especially important for capital-intensive industries. And the reform of ownership structure should focus on improving the efficiency of state-owned enterprises,rather than great ownership structural changes.