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本文基于Hsieh and Klenow(2009)构造的理论模型,纳入土地要素市场,放松规模报酬不变的限制,考虑劳动与资本要素的相互影响,并且利用省际面板数据结合相应的计量模型进行实证分析得到:金融市场扭曲指数减小对TFP的“直接效应”是3.9%,“间接效应”是1.2%;引进外资扭曲指数减小的“直接效应”是6.8%,“间接效应”是3.5%;劳动市场扭曲指数“增加”的直接效应是0.67%,“间接效应”不显著;技术市场扭曲指数减小对TFP的直接效应是0.42%。分析结果表明:一、细分要素(技术、资本、劳动)市场扭曲程度越大,TFP增长率越小。二、细分要素市场扭曲指数与TFP之间可能是凹性(倒U型)关系。因此,有针对性地制定要素市场发展规划,健全资本要素市场,改革劳动要素市场,培育技术要素市场,是顺应经济可持续性增长要求,避免经济停滞应采取的必要措施。
Based on the theoretical model constructed by Hsieh and Klenow (2009), this article incorporates the land factor market and relaxes the restriction of constant returns to scale, considers the interaction between labor and capital elements, and uses the inter-provincial panel data with the corresponding econometric models to conduct empirical analysis. : Financial Market Distortion Reduction is 3.9% for TFP’s Direct Effect and 1.2% for Indirect Effect; 6.8% for Direct Effect with Reduced Foreign Firms’ Import Index is 6.8% The direct effect of labor market distortions “” increase “is 0.67% and” indirect effect "is not significant. The direct effect of the reduction of technology market distortions on TFP is 0.42%. The results show that: First, the distortions in the market segments (technology, capital and labor) are larger, and the TFP growth rate is smaller. Second, the breakdown of factors Market distortions index may be concave with the TFP (inverted U-shaped) relationship. Therefore, it is a necessary measure to comply with the requirements of sustainable economic growth and avoid economic stagnation by formulating plans for the development of factor markets, improving the market for capital elements, reforming the market for labor elements and cultivating the market for technical factors.