资源错配、产能利用与生产率

Misallocation,Capacity Utilization and Productivity

现有研究将企业收入生产率的分散分布视为资源错配的测度,但在计算收入生产率时没有考虑产能利用率的变化。本文在Hsieh and Klenow (2009)框架中引入了产能利用率和企业动态决策行为,研究了产能利用率变化对估算资源错配的影响。结果表明,由于面临要素价格更高的企业更有激励提高产能利用率,与不考虑产能利用率的模型相比,考虑产能利用率的模型测算的实际生产率分布和收入生产率分布的分散程度更小,Hsieh and Klenow (2009)高估了我国2005年制造业资源错配约31.5%。

The literature has documented large dispersion in revenue productivity across firms. This dispersion implies severe resource misallocation. The measurement of revenue productivity, however, often ignores unobserved input variation. Our study extends the Hsieh and Klenow(2009) misallocation accounting framework to allow for variable capacity utilization. Variable capacity utilization not only introduces measurement errors into the productivity measure, but also magnifies the dispersion because utilization rate is positively correlated with revenue productivity. Using Chinese data, we find that Hsieh and Klenow(2009) overestimate the efficiency loss of its manufacturing sector due to misallocation in 2005 by 31.5%.