资源错配、全要素生产率与中国制造业的增长潜力

Resource Misallocation, TFP and Growth Potential in China's Manufacturing

利用1998—2007年中国制造业企业微观数据,本文测度了中国制造业资源错配的程度、方向及其演进趋势,并估计了中国制造业的潜在增长率。研究发现中国大多数制造业行业资本配置不足、劳动配置过度,且制造业整体的资源错配程度在下降,但国家所有权恶化了资源配置效率。中国制造业整体资源配置效率的改进缩小了实际产出与有效产出之间的缺口,进一步提高资源配置效率是释放中国经济增长潜力、实现中国经济持续快速增长的重要途径。

Using the data of China’s manufacturing firms from 1998 to 2007,the author measures the extent of resource misallocation in China’s manufacturing,and explores its evolving trend.The author also calculates the potential growth rate of output in China’s manufacturing.It is found that Capital is under-allocated,but labor is over-allocated in most of China’s manufacturing industries.As a whole,the extent of resource misallocation is declining,but resource allocation is worsened by the state ownership.The improvement of resource allocation efficiency shrinks the gap between real output and efficient output.Therefore,improving resource allocation efficiency is important for China to further release economic growth potential.