| Manufacturing is the main body of the national economy,the foundation of building the country,the instrument for rejuvenating the country,and the foundation for strengthening the country.Since the reform and opening up,China's manufacturing industry has achieved rapid and long-term development,and a complete and independent industrial system has been established.China has become a major manufacturing country.However,while making tremendous achievements,China's manufacturing development also faces problems such as low factor output efficiency,insufficient technical innovation capabilities,and resource misallocation.Therefore,how China's manufacturing industry changes from the growth of extensive factor input quantity to the growth of intensive factor output efficiency,how to transform from factor-driven to innovation-driven,and how to achieve high-quality manufacturing development is very worthy of attention.Under the above background,this paper focuses on the study of the impact of production factor input on China's manufacturing output efficiency.Needless to say,factor input itself is an important factor in the rapid growth of the manufacturing industry for a long time.In fact,factor input can not only rely on quantity growth to directly promote manufacturing growth,because in the real economy,China's capital deepening and resource misallocation in the process of manufacturing factor input objectively exist,therefore,it is also possible to significantly improve manufacturing output efficiency by matching appropriate technical progress paths and optimizing resource allocation.In view of this,this article incorporates the two objective facts of the change of factor endowment structure and resource misallocation into the study of manufacturing output efficiency.The article focuses on the following contents:Firstly,the changes in China's manufacturing factor endowment structure show a continuing trend of capital deepening.Capital deepening combined with biased technical progress is an important factor that affects the total factor productivity of the manufacturing industry.The research results show that,unlike the assumptions of unit substitution elasticity and "non-embodied" neutral technical progress in traditional economic growth accounting analysis,the comprehensive capital and labor factors of China's manufacturing industry are generally in a substitution relationship;During the sample period,the overall technical progress was slightly biased towards capital,with obvious phase characteristic;Before 2008,the technical progress in each year was basically biased towards capital,and in subsequent years,the technical progress was basically biased towards labor;The comprehensive factor endowment structure is biased towards capital,and under the overall substitution relationship between comprehensive factors,increasing the proportion of comprehensive capital factor input will help increase total factor productivity;After 2008,although the rate of capital deepening has accelerated,the substitution of capital factors for labor factors has declined significantly,and the output efficiency of capital factors has not been improved synchronously,technical progress is biased toward labor,which does not match the capital deepening and has a serious adverse effect on the total factor productivity of manufacturing.Secondly,the unreasonable utilization rate of China's manufacturing capacity is one of the chronic diseases that have affected the development of manufacturing for a long time.The study found that:China's manufacturing capacity utilization rate has obvious volatility;Capacity utilization rate is an important part of manufacturing output efficiency,and fluctuations in capacity utilization rate directly lead to fluctuations in manufacturing output efficiency;There is a serious negative distortion in manufacturing capital factors,and there is basically no distortion in labor factors,leading to a serious surplus of capital factors in China's manufacturing industry and an excessively rapid capital deepening rate;Under the severely distorted objective conditions of manufacturing capital input,capital deepening causes supply expansion and demand decline,resulting in insufficient effective demand,generating a large amount of ineffective supply,and causing excessively low capacity utilization;In terms of industry categories,no matter in light or heavy industry,there is basically no distortion in labor factors;Capital factor distortion is more serious in heavy industry than light industry,therefore,the capital expansion of heavy industry is more obvious,and the negative impact on capacity utilization rate is greater.It is an important reason for the serious overcapacity and low output efficiency in heavy industry.Thirdly,the resource allocation state of production factors is an important way to affect the total factor productivity,especially the problem of intermediate input resource misallocatin cannot be ignored.The study found that when only considering the misallocation of the two factors of capital and labor,it will seriously overestimate the loss of China's manufacturing output efficiency;Considering the misallocation of the three elements of capital,labor and intermediate inputs can help accurately measure the actual situation of the loss of manufacturing output efficiency;Variable scale returns can regulate the loss of production efficiency caused by resource misallocation,which can enlarge or reduce the intensity of production efficiency loss,therefore,relaxing the assumption of constant returns to scale is conducive to improving the accuracy of the calculation results of resource misallocation efficiency losses;Comparing the impact of the three resources misallocations of capital,labor,and intermediate inputs on the loss of manufacturing output efficiency alone,the effect of the misallocation of intermediate input resources on manufacturing output efficiency is much higher than that of capital and labor resources;Further empirical test of causes found that financing constraints,administrative monopolies and other factors are important causes of manufacturing resource misallocation.Finally,under the conditions of a socialist market economy with Chinese characteristics,it is particularly important to give full play to the role of the government in the process of promoting the high development of the manufacturing industry.The research found that,on the one hand,government subsidies directly change the allocation status of production factors in the industry,and thus have a direct resource allocation effect on the industry's total factor productivity;On the other hand,government subsidies change the exit probability of subsidized enterprises,and then have an indirect resource allocation effect on the industry's total factor productivity.The empirical results show that,in terms of direct resource allocation,government subsidies have expanded the degree of distorted dispersion of manufacturing output,aggravated the degree of resource misallocation,and adversely affected the total factor productivity of the manufacturing industry;In terms of indirect resource allocation,Chinese manufacturing enterprises face serious exit obstacles,which have a significant impediment to manufacturing output efficiency;Although the indirect resource allocation efficiency of government subsidies is constantly improving,it is still an important reason for the formation of zombie enterprises,which intensifies the exit barriers of manufacturing enterprises and has a significant adverse effect on the improvement of manufacturing total factor productivity. |
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