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资源错配突出表现为企业间持续而显著的生产率差异,这一现象在中国制造业中尤其明显。文章基于中国要素市场化改革滞后性的典型事实,研究要素市场扭曲对企业间生产率差异的影响机理。在放松了经典模型关于企业进入与退出某一行业是外生的基本假设后,新的理论分析揭示:扭曲的要素价格影响了企业的生产行为及其进入与退出决策,降低了市场均衡时生产率分布的临界值,从而使得低效率的企业得以继续存活,造成优胜劣汰的市场选择机制部分失灵,最终导致企业间生产率差异的扩大。进一步地,文章基于中国市场化指数估算了行业要素的价格扭曲程度,并利用1998-2007年中国工业企业数据库中的制造业企业数据检验要素市场扭曲与企业间生产率差异之间的关系,结果显示:要素市场扭曲指数每减少1%可以使得企业间生产率差异降低0.46%。文章对于我国当前如何矫正要素市场扭曲,并形成以市场为导向的要素价格机制,从而促进企业间的有效竞争以实现资源优化配置具有重要的政策含义。
The mismatch in resources is manifested by the persistent and significant productivity disparity among firms, a phenomenon that is especially noticeable in China’s manufacturing industry. Based on the typical facts of lagging market-oriented reform in China, this paper studies the mechanism of the impact of market distortions on the productivity differences among firms. After relaxing the classic model of the exogenous hypothesis that firms enter and exit an industry, the new theoretical analysis reveals that distorted factor prices affect the firm’s production behavior and its entry and exit decisions, and reduce the productivity in the market equilibrium Distribution of the critical value, so that inefficient enterprises continue to survive, resulting in the survival of the fittest part of the market failure mechanism, eventually leading to the expansion of productivity differences between enterprises. Further, the article estimates the price distortions of the industry factors based on China’s market-oriented index and examines the relationship between the market distortions of factors and the differences in productivity among enterprises by using the data of manufacturing enterprises in China’s industrial enterprises database from 1998 to 2007. The results show that For every 1% reduction in the elemental market distortions index, the productivity difference among enterprises can be reduced by 0.46%. The article has important policy implications on how to correct the market distortions in our country and form a market-oriented factor pricing mechanism so as to promote effective competition among enterprises so as to realize the optimal allocation of resources.