产品市场扭曲与资源配置效率:异质性企业加成率视角  

Product Market Distortions and Resource Allocation Efficiency:A Heterogeneous Firm Markup Rate Perspective

作　　者：尹恒[1] 张子尧 YIN Heng;ZHANG Ziyao(National Academy of Development and Strategy,Renmin University of China;School of Finance,Renmin University of China)

机构地区：[1]中国人民大学国家发展与战略研究院,100872 [2]中国人民大学财政金融学院,100872

出　　处：《经济研究》2021年第11期119-137,共19页Economic Research Journal

基　　金：国家自然科学基金面上项目(71873132,71673305);中国人民大学科学研究基金重大项目(2020030014)的资助。

摘　　要：要素市场和产品市场的扭曲都会导致资源误配置。大量文献分析了要素市场扭曲造成的资源误配置与效率损失,但鲜有文献讨论产品市场扭曲。本文从企业市场力量差异的角度厘清产品市场扭曲的内涵:差异化的市场力量扭曲了企业在产品市场上的价格信号并改变了企业要素需求,使得企业间要素边际产出不相等,最终导致资源误配置。当所有企业拥有相同的市场力量时资源配置达到最优。本文运用2007—2016年全国税收调查微观数据和结构模型估计了企业加成率等不可观测的企业异质性和基本参数,在此基础上测算了反事实资源配置与最优产出,发现产品市场扭曲造成的全要素生产率损失平均高达40.3%,其在全部市场扭曲损失中所占份额达到27.7%并逐年递增,产品市场扭曲逐渐成为资源误配置的一个重要来源。政策模拟发现,缓解产品市场扭曲能够显著提高资源配置效率,仅仅是消除产品市场一半扭曲就能使得全要素生产率提高26.1%。本文的结论对于认识产品市场扭曲对中国资源配置效率的影响具有重要意义,为新时期进一步提升全要素生产率、促进中国经济高质量发展拓宽了政策思路。Distortions in the factor market and the product market can both lead to resource misallocation.Numerous studies have analyzed resource misallocation and efficiency losses due to factor market distortions,but few of them have discussed product market distortions.What are the manifestations of product market distortions?How do product market distortions affect resource allocation between heterogeneous firms?How large are the efficiency losses caused by product market distortions?We attempt to answer these questions.We first construct a theoretical model to analyze the relationship between product market distortions and resource allocation efficiency.Heterogeneous firm markups play a central role in this context:heterogeneous markups distort firms’price signals in the product market and change firms’factor demand.Firms with high markup rates use too few production factors,and firms with low markup rates use too many.Differential markup rates make the marginal output of product factors unequal across firms,which leads to resource misallocation.The optimal allocation of resources is reached when all firms have the same market power.Then,we attempt to quantify the efficiency loss due to product market distortions.We develop a structural estimation framework that estimates both the product function and demand function parameters,including heterogeneous firm markups.The empirical estimation framework is set up in the same model specification as the theoretical model,ensuring the consistency of implied assumptions of the theoretical and empirical framework.In the empirical analysis,we first estimate the parameters and firm heterogeneity in the production and demand functions using the 2007—2016 National Tax Survey(NTS)firm-level data and the structural estimation model.Afterward,we construct the counterfactual resource allocation and optimal output after eliminating product market distortions based on the theoretical model.We find that the total factor productivity(TFP)loss due to product market distortions is on a

关 键 词：市场力量 资源误配置 加成率 结构估计 

分 类 号：F812.42[经济管理—财政学] F279.2