资源错配的多层次识别、分解与比较——畅通国民经济循环的分析视角

Multi-level Identification,Decomposition and Comparison of Resource Misallocation

促进要素合理流动,矫正要素资源失衡错配是构建国内大循环的重要举措。文章在Aoki^(①)模型的基础上,构建一个能够反映区域间、行业间以及行业内部多层次特征的资源错配分析框架,运用SFA方法估计生产函数中的参数,多层次识别、分解和比较中国的资源配置情况。研究结果表明,在中国过去的要素循环中,行业内层面要素流动障碍对TFP造成了显著的负向影响,行业间以及区域间层面并不明显;工业比其他行业内部资源错配造成的TFP缺口更大。房地产业、交通运输仓储和邮政业中存在严重的资本投入过剩,而农林牧渔业以及部分服务业则存在人力资本配置过高的问题。在区域层面,存在西部地区要素投入过剩而东部地区要素投入不足的结构性矛盾。值得注意的是,近年来区域间的技术差距已成为引起TFP损失的第二大因素。测算结果有助于确定要素市场化改革的主要目标和轻重次序,在此基础上,文章提出了更具针对性的畅通要素循环的政策建议。

Promoting the rational flow of factors and correcting the misallocation of resources are important measures to build the domestic economic cycle.Based on Aoki(2012)model,this paper constructs a resource misallocation analysis framework that can comprehensively reflect the characteristics of multi-level structures among inter-regional,inter-industry and intra-industry resource misallocation.SFA method is used to estimate the parameters in the production function,and to identify,decompose and compare China’s resource misallocation at different levels.The findings show that in the past production factors cycle,the imperfection in factor mobility at the intra-industry level has a significant negative impact on China’s TFP,but it’s not obvious at the inter-industry and inter-regional level.Industry has a larger TFP gap than other sectors due to resource misallocation.Real estate industry,transportation,warehousing and postal industry have serious excess capital;While agriculture,forestry,animal husbandry,fishery and some service industries have excess human capital.At the inter-regional level,there is a structural contradiction between excessive production factors input in the western region and insufficient production factors input in the eastern region.Notably,inter-regional technology gap has become the second largest cause of TFP loss in recent years.The findings are helpful to determine the main objectives and priorities of the production factor market reform,on which this paper provides more targeted suggestions for smoothing the resource circulation.