资源错配的来源、 趋势与分解

The Causes,Trends and Decomposition of Resource Misallocation

改革开放以来我国的资源配置方式和效率已经有了明显改善,然而各类非市场因素造成的结构性资源错配仍旧长期存在,影响着企业生产率和居民生活水平的提高。我们认为在研究资源配置效率时,既要关注其静态的水平,也要关注其动态的变化;既要关注其整体的扭曲程度,也要关注由于不同因素造成的扭曲分解。本文在HsiehandKlenow(2009)资源错配模型的基础上,提出了分组方差分解法:从总错配系数中分解出了"组间方差"用于测算由某一因素造成的资源错配程度,实现了不同扭曲因素之间的跨期可比,为分析比较错配的来源及其变化趋势提供了标准化的方法。基于该方法,本文使用中国工业企业数据库,选取了文献中六个被广泛讨论的扭曲来源,即企业所有制、企业成立年限、企业规模、省份地区、城市等级、补贴政策,对1998—2013年资源错配的来源进行分解测算。研究发现:最近二十年我国资源错配的来源结构发生了较大变化,传统的由企业所有制、成立年限造成的错配目前已明显改善;与此同时,由于地区不平衡发展、中小企业融资约束等因素造成的扭曲显著上升,并直接导致2005年后资源配置效率的下降。特别是在2008年"四万亿"计划实施后,由于补贴等政策因素所造成的扭曲明显上升,导致了资源配置效率的进一步下降。本文的发现为我们全面认识中国资源错配的来源和趋势,深入推进并重点布局要素市场化改革等现实问题提供了新的思路和依据。

Since the reform and opening up,China’s resource allocation efficiency has improved significantly.However,there still exists non-negligible resource misallocation caused by various distortions.Based on the Hsieh&Klenow(2009),we propose a method to measure the misallocation caused by specific distortion factor.We then use the Chinese Industrial Enterprise Database to explore the causes and trends of within-industry misallocation in China from 1998 to 2013.Our results show that the structure of China’s resource misallocation has changed dramatically during the past two decades.In particular,state owned enterprises and zombie enterprises used to be the main causes of distortion,but in recent years,they have improved significantly.Moreover,the distortions originated from uneven regional development and SME financing restrictions have increased sharply,leading to the decline of resource allocation efficiency after 2005.After the implementation of the"Four Trillion"plan in 2008,the distortions caused by subsidy policies increased significantly,resulting in a further decline in resource allocation efficiency.