中国制造业资源配置效率与全要素生产率

In this paper, we extend Hsieh & Klenow (2009)’s analysis of resource allocation efficiency by relaxing the condition of constant returns to scale. We use the dispersion of marginal revenue product of factor to measure the resource misallocation and apply it to micro data of Chinese manufacturing survey between 1998 and 2007. We use the Levinsohn-Petrin (2003) semi-parametric estimation method to get the output elasticity of the inputs in each industry and assume a standard model of monopolistic competition with heterogeneous products. We find: (1) Chinese manufacturing total factor productivity would gain an increase of 57% in 1998 and 30% in 2007 if both capital and labor are effectively reallocated; and (2) From 1998 to 2007, the improvement of capital allocation efficiency increased the aggregate total factor productivity by nearly 10.1%, while the improvement of labor allocation efficiency increased the aggregate total factor productivity by approximately 7.3%. Compared to the method proposed by Hsieh & Klenow (2009), our method is more precise in measuring the efficiency of resource allocation and is able to distinguish the effects from each factor. Our empirical result shows that resource misallocation in China is much less than Hsieh & Klenow calculated.