金融危机后中国制造业部门的配置效率_基于生产网络视角的研究  

Allocative Efficiency in China's Manufacturing Sector After the Global Financial Crisis:A Production Network Approach

作　　者：杭静 申广军 HANG Jing;SHEN Guangjun(Lingnan College,Sun Yat-sen University)

机构地区：[1]中山大学岭南学院,广东广州510275

出　　处：《金融研究》2024年第2期57-75,共19页Journal of Financial Research

基　　金：国家自然科学基金(71903203,72273157);广东省基础和应用基础研究基金(2022A1515012092);教育部人文社科规划基金项目(22YJA790049)的资助。

摘　　要：资源配置效率是影响经济增长的重要因素,但现有文献在研究资源配置效率时存在两方面不足:一是对金融危机以来中国企业层面配置效率缺少关注;二是研究方法上忽略了产业链上行业间的相互影响。本文将国内外投入产出联系引入Hsieh and Klenow(2009)增加值模型,构建基于总产出的模型,利用全国税收调查数据库的数据,考察中国制造业部门的配置效率。分析显示,2009-2015年间,中国制造业部门的配置效率呈现先波动后改善的趋势。这一发现对于不同设定都十分稳健,但随企业规模和地理位置存在异质性。不过,样本期资源配置效率改善,对制造业部门生产效率提高的贡献较弱。本文有助于理解“国内大循环为主体、国内国际双循环”新发展格局下产业链联系对经济效率的影响。Modern economic growth is driven mainly by improved production efficiency,which may be due to technical changes or improved resource allocation.The latter has attracted the attention of economists in recent years,resulting in a large volume of literature on resource misallocation.Such research echoes China's call for"high-quality development,"of which improved efficiency of resource allocation is a key component.However,the literature on China's allocative efficiency suffers from two problems,substantially reducing its value in terms of informing policy making in China.First,most studies do not cover periods after 2008 and thus do not address important recent changes in the Chinese economy.Second,the literature neglects the interplay between industries in the production network,which might bias estimates of allocative efficiency in China.This paper helps to fill both gaps by(1)developing a misallocation accounting framework that extends the value-added framework of Hsieh and Klenow(2009)by incorporating domestic and foreign input linkages,and(2)applying this framework to a new dataset covering the years 2009-2015,enabling an assessment of allocative efficiency in more recent years than was previously available.Our findings suggest that during 2009-2015,allocative efficiency initially fluctuated but began to improve in 2012.Over the longer term,these changes reversed the trend of worsening allocative efficiency that had begun in 2004.These findings are robust to various alternative specifications.The improvement in allocative efficiency since 2012 is probably attributable to the Chinese government's efforts to allow market forces to play a larger role in resource allocation,as well as wiser design of economic policies.When we decompose aggregate productivity growth into different components,however,we find that improved allocative efficiency plays a minor role in productivity growth,suggesting room for future improvement.Methodologically,our analysis shows that the estimation results differ between the value-added

关 键 词：生产网络 资源配置 生产效率 中间投入 

分 类 号：F424[经济管理—产业经济] F831.59