| Since the 21st century,China’s high-tech industry has shown a trend of high growth and has gradually developed into a pillar industry leading economic growth.In 2018,China’s high-tech industry’s main business revenue reached 15.7 trillion yuan and achieved great success,an increase of nearly 40 times compared with 1998.However,"big but not strong" and "many but not good" have always been practical problems facing the development of China’s high-tech industry.From the current reality of China’s economic development,the model of relying on factor input to drive industrial growth is no longer sustainable.Therefore,relying on increasing the total factor productivity of high-tech industries will be the key way to build a high-tech power.At the same time,the price imbalance caused by the widespread factor distortion in China will inevitably affect the choice of factors of enterprises,reduce the efficiency of resource allocation,and bring efficiency losses to high-tech industries.Therefore,this article focuses on the main line of the loss and improvement path of total factor productivity in high-tech industries,based on the construction of a theoretical analysis framework for factor price distortions and total factor productivity in high-tech industries,empirically test the impact of factor distortions on the total factor productivity of high-tech industries,look for policy directions to improve the total factor productivity of China’s high-tech industries.Based on the above ideas,the core content of this article is as follows:Firstly,study on the characteristics of factor distortion and high-tech industry total factor productivity in China.Discuss the institutional roots of factor distortions in China,and measure the current status and characteristics of the distortions of capital and labor factors;use the Global DEA-Malmquist index to show the overall and industry characteristics of the total factor productivity of high-tech industries.Secondly,reveal the new development trend of global high-tech industries based on an international perspective,analyze the development and TFP of high-tech industries in major developed countries,thus enriching the research dimensions.Thirdly,construct a unified theoretical framework covering factor distortion,R&D incentive and total factor productivity,and reveal the micro-mechanisms of factor distortions affecting total factor productivity.The forth one is the empirical analysis of factor distortion and the total factor productivity of high-tech industry.The influence of factor distortion on the total factor productivity of high-tech industry is tested respectively from the two levels of macro and micro perspectives.Lastly,policy suggestions to improve total factor productivity are put forward,mainly includes strengthening the government’s management capabilities,promoting the construction of a large market and the reform of the core factor market and a series of ways to improve the distortion of factors.The corresponding research conclusions are as follows:Firstly,China’s capital market and labor market generally present negative distortions,and the degree of capital distortion is higher than that of labor distortion.The decomposition results of total factor productivity in high-tech industries show that technological progress is the main driving force for the growth of total factor productivity in high-tech industries.Secondly,factor price distortions cause enterprise resource allocation to deviate from the optimal level,reduce overall total factor productivity,and under the R&D incentives recognized by high-tech,it exacerbates the negative impact of factor price distortions on total factor productivity.Thirdly,every 1%increase in the degree of capital distortion will result in a 0.1462%decrease in the total factor productivity of high-tech industries compared with the base period.For every 1%increase in the degree of labor distortion,the productivity of high-tech industries is reduced by 0.0209%.Capital distortion has a greater impact than labor distortion.Technology spillover,R&D expenditure and industrial agglomeration have significantly improved the total factor productivity of high-tech industries,while government subsidies and technology introduction have no significant effect on the improvement of total factor productivity of high-tech industries.After considering the spatial interaction,the estimated coefficients of capital distortion and labor distortion are both negative,which inhibits the increase in total factor productivity of high-tech industries.The effect decomposition results show that the indirect effect coefficients of capital distortion and labor distortion are higher than the direct effect coefficients.It shows that the factor distortions in neighboring regions have a greater inhibitory effect on the productivity of high-tech industries in the region.After introducing the interaction term of industrial agglomeration and factor distortion,it is proved that industrial agglomeration has a significant positive moderating effect,which can effectively alleviate the negative impact of factor distortion on high-tech industries.Lastly,the high cost of using factors is a common problem in all industries of China’s high-tech industry,which leads to insufficient input of factors used by the industry.Among them,the distortion of capital elements is the most serious.If the distortions in factor allocation between industries are eliminated,the output can be increased by nearly 48%while maintaining the same factor input.Based on the above research conclusions,it is not difficult to find that high-tech industries are also facing the imperfections of factor markets and regional market segmentation.Restrictions on the free flow of factors lead to the misallocation of factors among industries and enterprises,which leads to the loss of total factor productivity.Therefore,from the perspective of improving the total factor productivity of high-tech industries,the conclusions of this paper provide foundation for deepening the marketoriented system reform,strengthening the function of financial support,improving the efficiency of government subsidies and promoting the spatial agglomeration of hightech industries reasonably. |
PDF Full Text Request