要素市场扭曲如何影响了资源配置效率：企业加成率分布的视角

How Factor Market Distortions Affect Resource Allocation Efficiency:A Perspective of Manufacturing Firms′ Markup Distribution

本文基于中国制造业企业数据,从企业加成率分布的视角实证考察了要素市场扭曲对行业资源配置效率的影响。结果表明,要素市场扭曲显著提高了企业加成率分布的泰尔指数,不利于中国要素资源的合理配置,并且上述影响在长期更为显著;分位数检验表明,要素市场扭曲降低了低加成率企业的定价能力,同时提高了高加成率企业的加成率水平,从而提高了制造业企业加成率分布的离散程度。异质性检验结果显示,要素市场扭曲对中国制造业企业间加成率差异的影响主要来自于广义边际,集约边际的作用有限;要素市场扭曲对企业加成率分布的作用还依赖于企业所在地区的国有化水平、地区分布以及行业要素密集度状况,其显著加大了低国有化地区和中西部地区企业之间的加成率差异,恶化了这些地区的资源配置效率,而对技术密集型行业中企业加成率分布的影响并不显著。

How do factor market distortions affect resource allocation efficiency?This paper comprehensively and systematically investigates the effects of factor market distortion on Chinese firms′markup distribution based on the micro firm-level data.The results show that factor market distortion significantly increases firms′markups,which was not conducive to the rational allocation of factor resources in China;Quantile test show that factor market distortion can not only reduce the pricing ability of enterprises with low markup,but also improves the pricing ability of enterprises with high markup.The results of the heterogeneity test show that the effect of factor market distortion on firms′markup distribution is mainly from the extensive margin,and the effect of the intensive margin is limited;Furthermore,the role of factor market distortion in the distribution of firms′markup also depends on regional nationalization level and regional distribution,it can significantly deteriorate enterprises′markup distribution in regions with low nationalization level,and enterprises in the mid and west regions.At the same time,factor market distortion has no significant impact on enterprises′markup distribution in technology-intensive industries.