资源错配、企业进入退出与全要素生产率增长

Resource misallocation,enterprise entry and exit,and total factor productivity growth

资源错配差异是影响发达国家与发展中国家经济差距的重要因素。构建了资源错配、企业进入退出与全要素生产率之间的动态微观机制,运用1998-2007年工业企业数据库的微观数据进行实证分析。研究表明:(1)资源错配会形成外生行业壁垒,致使企业之间表现出不同的边际生产力,直接影响企业全要素生产率的提升,且更高的税率和融资成本会进一步加重资源错配的扭曲效应。(2)当存在行业壁垒时,企业选择较低的全要素生产率可以缓解收入扭曲效应,内生地决定行业进入和退出门槛,进而导致市场承载过多的低效率企业。这不仅抑制了市场机制对企业的正常更迭效应,还挤压了企业的利润份额,影响了企业技术投资,最终致使企业全要素生产率增长缓慢。在处理内生性问题和更换核心指标测度方法后,实证结果依然稳健。分样本研究还发现,资源错配的改善对非国有企业的影响更为显著。研究结论对中国经济转型升级和实现高质量发展目标具有重要的启示作用。

Resource misallocation is an important factor influencing the economic gap between developed countries and developing countries. This paper constructs a dynamic micro-mechanism between resource misallocation,enterprise entry and exit,and total factor productivity,and makes an empirical analysis by using the micro data of the industrial enterprise database from 1998 to 2007. The study shows that:( 1) Resource misallocation will establish exogenous industry barriers and cause different marginal productivity between enterprises,which will directly affect the improvement of enterprise total factor productivity. In addition, higher tax rates and financing costs will further aggravate the distortion effect of resource misallocation.( 2) Industry barriers cause enterprise to choose low total factor productivity,which can alleviate the income distortion effect,endogenously determine the industry entry and exit thresholds,and cause the market to carry too many poorefficient enterprises. This not only restrains the normal alternation effect of market mechanism on enterprises,but also squeezes the profit share of enterprises and affects enterprise technology investment,which ultimately leads to the slow growth of enterprise total factor productivity. After replacing the core indicators and processing endogenous issues that may affect the results,the empirical results are still steady. The sub-sample study also finds that the improvement of resource misallocation has a more significant impact on non-state-owned enterprises. The research conclusion plays an important enlightening role in China’s economic transformation and upgrading and realizing the goal of high-quality development.