| Since the reform and opening-up,China’s export trade has developed continuously and rapidly and has made great achievements.Especially since 1990 s,the average annual growth rate of total exports of goods is as high as 19.6%,much higher than the average annual growth rate of world total exports of goods.However,China’s export growth miracle is accompanied with the domestic factor price distortions,which was born in a particular stage of the development of the market economy in China and as a result of the relevant policies by the government.The factor price distortions leads to the capital deepening,and greatly reduces the cost of the export enterprises to expand the scope of export enterprises,changes the structure of export products and promotes the development of export trade.Firstly,based on the facts that the factor price distortion of market and continuously growth of export trade,the paper analyzes the causes and the performance of factor price distortions.Secondly,according to the time series data of China’s macroeconomic data from 1990 to 2015,the paper uses C-D production function method to measure the factor price absolute and relative distortion degree of capital and labor in our country,and on this basis the paper explores the influence mechanism from the factor price distortion to the export trade.Then,by constructing relevant econometric model,the paper empirically analyzes the impact of factor price distortions on China’s total export trade,and further analyzes the influence of factor price distortion on the export proportion of capital intensive products in China.The results are as follows: Firstly,because of our country is in a particular stage of economic development,the factor market is developed incompletely,together with the government’s intervention and regulation on factor market,capital and labor in our country all have negative price distortions and the degree of the price distortions has gradually increased.Comparatively,the price distortion of capital factor is much higher than the labor factor,so the production tends to replace labor with capital,and the capital deepening in our country is increasingly serious.Secondly,the price distortion factor in our country and the capital deepening brought with it reduce production cost and fixed cost of export enterprises,expand the quantity and scale of export enterprises so as to greatly promote the increase of the total export trade and the development of capital intensive products export.Thirdly,based on the conclusion of empirical analysis,some related policy suggestions are put forward such as promoting the process of marketization of interest rate,accelerating reform process of the labor market,and increasing non-price competitiveness of export enterprises.The main innovation of this paper is starting from the Chinese factor market reality,it measures the capital and labor factor relative price distortions,and on this basis,further to the problem of capital deepening,it explores a conduction path from the factor price distortions,capital deepening to the export trade,and carries on the relevant empirical test.In addition,based on the relative distortion of factor price,that is,capital deepening,this paper analyzes the influence of factor price distortion on the structure of export trade. |
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