国有产权、人力资本错配和全要素生产率损失

本文在H-K要素错配测算框架的基础上,将人力资本生产要素引入企业生产函数,并突破了原有模型规模报酬不变的约束条件,对1998-2013年间中国135个工业行业的人力资本错配程度及其TFP损失进行了测算,结果发现:(1)在生产函数中引入人力资本生产要素后,我国90％以上的工业行业呈现规模报酬递减特征;(2)整体来看,我国...

SOE Property Rights,Human Capital Mismatching and the Loss of TFP

This paper expends Heish & Klenow(2009)’ model by introducing human capital into the production function and relaxing return to scale assumption. It calculates TFP loss caused by the human capital misallocation over 35 industries in China from 1998 to 2013. The paper finds(1) that more than 90% of industries have decreased turn to scale after controlling the human capital level.(2) factor misallocation reached its peaks in 2002 and 2008. Compared with capital and labor misallocation, human capital’s misallocation is much severe, mainly concentrating on industries where China has comparative advantages and administrative monopoly power, such as the heavy chemical industry and heavy manufacturing industry. The paper also finds that the state-owned property right is the primary explanation for misallocation, and its impact has pronounced heterogeneity.