| Productivity difference is considered to be an important source of the income gap between different countries and regions.However,the awareness of productivity should not only stay in the technological progress.Many studies in recent years show that productivity is far more complex than knowledge and innovation,the changes of social economy system,the more efficient use of resources and the reallocation of factors in different economic units will further enhance potential productivity.Over the past thirty years,China has achieved rapid economic growth,which can be attributing to the continual eliminating of barriers and obstacles blocking the free movement of factors.Factors can flow more freely between different sectors and regions,and the potential of resource utilization is released much faster.Since the reform and opening up,although the reform of socialist market economic system continues to develop in depth and the calls for market-oriented reform is also growing,the institutional contradictions and government behavior can not be corrected in an instant under the pattern and path of gradual reform.On the one hand,these problems limit the further release of China’s economic growth potential,resulting in the slow pace of China’s economic transformation and upgrading as well as economic quality and effectiveness improvement;on the other hand,they also point out the direction for the comprehensive deepening of reform currently,which is to address institutional barriers in the economic development,reshape the local government behavior,and allow the market to play a better role in resource allocation.Therefore,resource mismatch during China’s economic transition will be deeply studied in this paper,by re-recognizing and re-understanding the concept of resource mismatch,its formation mechanism is discussed from two different levels of structural causes and policy root under specific historical context,which is a useful supplement to the existing literature.Firstly,after a review of existing research results on the issue of resource mismatch,and taking into consideration the actual problems of China’s economic development during the transition,this paper holds that the measuring of resource mismatch can be improved with more research ideas and specific methods,which has important theoretical and practical significance to estimate the total factor productivity,moreover,the internal formation mechanism of resource mismatch can be further analyzed,to understand this issue will provide an important reference for the in-depth analysis of the existing structure of China’s economic development and the pursuing of future source of economic growth.Secondly,by using the indirect measurement method,the loss of efficiency caused by resource mismatch to China’s economic growth is measured in this paper.First of all,starting from the two companies’ model,a simple monopolistic competition model is built and the influence to productivity by resource mismatch in two companies is derived,besides,the specific parameters are set for the simulation of corresponding numbers,in order to compare the distortion effect under homogenous and different business productivity.Then,the above model is expanded to two sectors in multi-region,obtain the contribution formula of inter-provincial and intra-provincial resources distortion to the loss of growth rate is obtained,at the same time,the inter-provincial and intra-provincial resource misallocation is decomposed from three aspects of capital,labor and output.The study found that China has long-term resource mismatch that gradually enlarge over time,resulting in the overall productivity of non-agricultural sectors declines for 21%,and the inter-provincial and intra-provincial distorting effects are almost equivalent.The impact of inter-provincial resource mismatch on TFP is relatively stable throughout the study period,and the mismatch is from the labor market to a large extent.In contrast,the TFP losses caused by inter-provincial resource distortions presented a clear upward trend in time series,and almost all the distortions come from the capital market distortions.Thirdly,from the perspective of government behavior,this paper has explored the policy root resulting in mismatch of resources.The relation between the grabbing hand of government and the regional entrepreneurial energy is examined;Besides,the effect of regional legalization process on the above relation is also explored.Theoretical analysis shows that grabbing hand will influence the choice of individuals to be entrepreneurs,thus potentially changing the individual’s career choice.The theoretical model built in this paper reveals that the grabbing hand will be the burden to moderate capacity talents(taking private entrepreneurs as the representative),forcing them to become large entrepreneurs,or to choose a smaller scale production.After considering the regional legalization process variable,grabbing hands will block a lot of talent to effectively display their talents,resulting in the mismatch of entrepreneurial talent which is an important production factor.Empirical Analysis further confirmed the above hypothesis.The study found that grabbing hand significantly inhibited the entrepreneurship.If the grabbing hand represented by non-tax revenue increases 1 percent,the number of startups in the region will reduce by 1.3 percent.A variety of entrepreneurship indicators and regression testing in sub-regions have confirmed the negative impact of grabbing hand on entrepreneurship.Meanwhile,regional legalization process will reduce the effect of grabbing hand on entrepreneurship;the higher degree of legalization will better protect the entrepreneurst.Fourthly,from the perspective of system,the paper has selected Chinese financial system,the worst misallocated factor market,as a starting point to study the relationship between finance mismatch and corporate innovation activities and patterns.The study suggests that,as the soft budget constraint cannot be corrected,the state-owned enterprises are more favored by commercial banks relative to non-state-owned enterprises;low-cost credit reduces innovation incentives of state-owned enterprises.By building a simple production model with two companies,the innovation patterns of state-owned enterprises under the financial mismatch is further studied,the result shows that technology import instead of independent research and development will be a rational choice of state-owned enterprises under financial mismatch.To this end,the industry panel data and regional panel data are selected to verify the above inference.The empirical results steadily show that,the presence of financial mismatch will inhibit the independent R&D inputs of enterprises significantly.Besides,the higher the proportion of state-owned economy in the industry,the higher the level of its technology import,the low-cost funds under the financial mismatch of the state-owned enterprise tends to strengthen its technology import.Based on above measurements,compares and mechanism analysis,this paper proposed some suggestions and countermeasures for correcting the resource mismatch by overcoming the structural and institutional obstacles and rectifying the government behavior,especially under the comprehensive deepening reforms of Chinese economy,for instance,accelerating factor market reforms,removing barriers to factor mobility;deepening the reform of state-owned enterprises,breaking ownership discrimination,and providing a true level playing field for enterprises of all types;clearing government functions and regulating government behavior;establishing a multi-level capital market to better serve the real economy... |
