金融错配对中国制造业全要素生产率影响研究

Effect of Financial Recourse Misallocation on Total Factor Productivity of China’s Manufacturing Enterprises

先将要素价格扭曲系数引入分析框架,构建要素错配对全要素生产率影响的理论模型,然后基于中国工业企业数据库的微观数据,采用OP法分别估算出中国制造业29个子行业的全要素生产率和金融错配系数,再通过1999—2013年制造业行业面板数据检验金融错配对中国制造业全要素生产率的影响。研究结果表明:金融错配对制造业全要素生产率具有显著的抑制作用,且这种抑制效应具有一定的时滞性;在所有制结构方面,国有企业金融错配对全要素生产率的抑制作用更强;分行业研究显示,金融错配对全要素生产率的边际影响在资本密集型行业最为显著。因此,亟待推进要素市场化改革,以减弱金融扭曲,改善资源配置效率,从而促进中国制造业全要素生产率的提升,实现内生可持续性经济增长。

This paper firstly takes the coefficient of factor price distortion into a theoretical analysis framework to construct a theoretical model of effect of recourse misallocation on total factor productivity. Then the annual aggregated TFPs and financial price distortion coefficient of 29 industries of Chinese manufacturing enterprises are estimated by using the OP method, basing on the micro database of Chinese industrial companies. The effect of financial recourse misallocation is examined by constructing the panel data of Chinese manufacturing industry-level from the year of 1999 to 2013. The results show that the financial resource misallocation has a significant inhibitory effect on the TFP of manufacturing industry, and this inhibitory effect has persistence to some extent. In terms of ownership structure, the TFP of state-owned enterprises is more strongly inhibited by its financial mismatch. Sub-industry studies show that marginal impact of financial mismatched on TFP is most obvious in capital-intensive industries. Therefore, only deepening the market-oriented reform of factors can reduce financial distortions and improve the efficiency of resource allocation, thereby promoting the improvement of China′s TFP and achieving sustainable endogenous growth.