中国制造业资源错配测度及效率提升路径——基于融资错配视角  

Resource Misallocation Measurement and Efficiency Improvement Paths Manufacturing Enterprises in China:From Financing Misallocation Perspective

作　　者：阳佳余 阮梦瑜 Yang Jiayu;Ruan Mengyu

机构地区：[1]南开大学金融学院

出　　处：《财经科学》2023年第11期48-65,共18页Finance & Economics

摘　　要：已有关于资源错配的研究大多基于生产要素测度错配,本文从企业融资错配视角扩展Hsieh和Klenow模型,研究由企业融资及劳动力错配导致的效率损失及动态变化特征,并将测度拓展至行业间层面。利用1998—2013年中国制造业微观数据,本文发现,经济总体效率损失从1998年的57.8%上升至2013年的96.5%,其中93%来自融资和劳动力规模错配,仅7%来自融资类型错配;行业内和行业间错配分别造成了55.9%和6.9%的损失,行业内部中债务错配损失>劳动力错配损失>股权错配损失。异质性分析表明东部地区、高技术和劳动密集型行业、国有企业的资源错配更轻微。最后从信贷约束缓解视角综合对内改革与对外开放提出效率提升路径,实证发现地方金融发展与外资开放均能提升资源配置效率。Most of the existing research on resource mismatch is based on measuring misallocation in production factors.This paper extends the Hsieh and Klenow models from the perspective of corporate financing misallocation,studies the efficiency losses and their dynamic changes caused by corporate financing and labor misallocation,and extends the measurement to the inter-industry lev-el.Using the micro-data of Chinese manufacturing enterprises from 1998 to 2013,this paper finds that the overall economic efficien-cy loss increased from 57.8%in 1998 to 96.5%in 2013,with 93%coming from the misallocation between financing and labor scale,and only 7%coming from the misallocation of financing type;Misallocation within and between industries resulted in losses of 55.9%and 6.9%respectively,with debt misallocation losses>labor misallocation losses>equity misallocation losses within the indus-try.Heterogeneity analysis shows that resource misallocation in the eastern region,high-tech and labor-intensive industries,and state-owned enterprises is milder.Finally,from the perspective of alleviating credit constraints,this paper proposes a path to im-prove efficiency by integrating domestic reform and opening up.Empirical evidence shows that both local financial development and foreign investment opening up have improved allocation efficiency.

关 键 词：资源错配 融资错配 地方金融发展 外资开放 

分 类 号：F424.7[经济管理—产业经济]