要素市场化配置赋能经济高质量发展:影响机理与路径选择

Factor Marketization Allocation Empowers High-Quality Economic Development:Impact Mechanism and Path Selection

要素市场化是经济高质量发展的重要着力点,是社会主义经济体制改革的重要组成部分。本文基于2008—2019年中国31个省份的面板数据,实证研究了要素市场化配置促进经济高质量发展的影响机理与优化路径。研究发现:要素市场化配置对经济高质量发展具有显著的促进作用,且要素市场化配置可以通过改善资本错配和强化自主创新能力的方式来提高经济高质量发展水平,而政府干预会减弱要素市场化配置对经济高质量发展的促进作用。通过双中介效应检验及有调节的中介效应检验结果仍然成立。为克服内生性问题,以产权保护作为工具变量运用两阶段最小二乘法分析并检验了要素市场化配置对经济高质量发展显著促进作用这一结论的稳健性。异质性结果表明:要素市场化配置促进经济高质量发展存在显著的区域异质性和结构异质性。

Marketizing factors is a key aspect of promoting high-quality economic growth and a crucial component of the socialist economic system overhaul.Using panel data from 31 provinces in China between 2008 and 2019,this study investigates the impact mechanism and improvement path of factor marketization allocation on high-quality economic growth.It is found that the marketized allocation of factors has a significant role in promoting high-quality economic development,and the marketized allocation of factors can improve the level of high-quality economic development by improving the mismatch of capital and reinforcing the ability of independent innovation,whereas the government intervention will weaken the promotion of high-quality economic development by the marketized allocation of factors.The findings remain valid when testing for both double mediation and mediation with moderation effects.In order to overcome the endogeneity problem,the two-stage least squares method is applied to analyze and test the robustness of the conclusion that factor market allocation significantly promotes the high-quality development of the economy using property rights protection as an instrumental variable.Results of heterogeneity indicate that there is significant regional heterogeneity and structural heterogeneity when it comes to promoting high-quality economic development through marketized allocation of factors.