资源错配的行业根源及其对全要素生产率的影响

摘要/Abstract

摘要： 基于涵括全部行业的中国经济行业生产率数据库,Jorgenson增长核算模型被运用于测算中国全要素生产率（TFP）的增长率,资本和劳动投入的重新配置效应被纳入核算框架以考察其对TFP的影响。随后,资本和劳动重新配置效应被分解为要素投入增长率与服务价格两项以探索其行业来源及其成因。测度结果显示,1978—2018年,中国TFP年均增长率为0.90%,其中0.32%来自资本和劳动重新配置的净效应,后者贡献了36%的中国TFP增长率。将资本和劳动重新配置效应分解至行业层面,结果显示,中国资本市场存在错配现象主要是因为大量资本流入回报率较低的服务业部门,劳动配置效率较高的主要原因是大部分劳动从回报率较低的农业部门流入回报率较高的工业和服务业部门。

关键词: 增长核算, 资源错配, 行业根源, 全要素生产率

Abstract: Based on the database of Chinese Economic Sector Productivity that covers all industries, this paper adopts Jorgenson’s growth accounting approach to measure the growth rate of total factor productivity (TFP) in China, and incorporates the reallocation effects of capital and labor inputs into the accounting framework to examine their impacts on TFP. Then, this paper decomposes the reallocation effects of capital and labor into factor inputs’ growth rate and service prices to explore their industry origins and causes. The results show that from 1978 to 2018, the average annual growth rate of China’s TFP was 0.90%, of which 0.32% came from the net effect of capital and labor reallocation, which contributed nearly 40% of China’s TFP growth rate. By decomposing the reallocation effects of capital and labor into the industrial level, the findings reveal that the misallocation phenomenon in China’s capital market is mainly due to the inflow of a large amount of capital into the service sector, whose returns are relatively lower. The main reason for the higher efficiency of labor allocation is that most laborers flow from the agriculture sector with lower returns into the industrial and service sectors with higher returns.

Key words: growth accounting, resource misallocation, industry origins, total factor productivity

中图分类号:

F061.2

李展. 资源错配的行业根源及其对全要素生产率的影响[J]. 当代财经, 2021, 0(6): 3-11.

LI Zhan. The Industry Origins of Resource Misallocation and Its Influences on Total Factor Productivity[J]. Contemporary Finance & Economics, 2021, 0(6): 3-11.

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