| The global financial crisis had an important impact on China's economic development in 2008.And then,with the introduction of a series of economic stimulus policies,key resources flowed into real estate and related industrial enterprises,which had low productivity,while major manufacturing companies,higher productivity and real value creation,obtained with less resource to engage in production and technological innovation.Therefore,this process resulted in irrational flows of capital and labor elements among industries and industries,also within industries,which was not conducive to the improvement of overall productivity.As China's economy changes from high-speed growth to high-quality development,it faces changes from quantity expansion to quality improvement,from scale expansion to structural upgrading,and from factor-driven to innovation-driven transformation.To achieve high-quality development and drive for innovation,it is necessary to reconfigure the production factors,and through the transformation of new and old kinetic energy in economic development,to realize the innovation-driven development and structural upgrading of industries,to increase total factor productivity,and promote the healthy development of the real economy finally.The paper uses the data of Chinese manufacturing companies from 2007 to 2016,to analyze one of hot issues-housing price's influents on manufacturing enterprises TFP based on the perspective of resource misallocation.The research idea of paper is roughly carried out through the following points: in the first chapter,we have a deeply analysis on background,theoretical and practical significance,at the same time,we also specifically analyze domestic and foreign scholars' research fruit on misallocation of resource and housing price,which can influence industrial TFP and other aspects of national economy,and then,we present the innovation of this article and some difficulties encountered in the study.In the second chapter,we define the main concepts of the paper and elaborate related economic theories,and then,we construct the transmission mechanism to analyze the capital,labor,and land factors distortion caused by housing price fluctuations,and thus impact on the productivity of China's manufacturing industry.In the third chapter,we construct a theoretical model to measure the distortion of capital,labor,and total TFP in the manufacturing enterprises,and also,we establish an empirical model to study the effects of housing price changes on the misallocation of resources,total TFP distortion,and total TFP of manufacturing enterprises.In forth chapter,we use current model to measure and analyze the degree of distortion of each factor and the space for TFP growth from the perspective of the country as a whole,regions and the ownership system.In fifth chapter,we use regression methods to study the housing price's impact on the misallocation of capital,labor and total TFP,and also on TFP of overall industrial enterprises.In sixth chapter,we put forward in some conclusions of the paper,policy recommendations and remaining deficiencies of this research.Though the study of this paper,we have obtained the following conclusions:In the terms of the country as a whole,the differences in capital,labor and total TFP distortions reached 7.55,9.63 and 6.5 before and after 2012.In recent years,the degree of distortion of the factors has increased significantly,and if distortions in the allocation of resources are improved,the TFP of industrial companies will get growth room of 20%-30%.In the terms of sub-regions,the distortion of capital resource in the east and west areas is relatively high and the central region is relatively low.The labor distorted areas are relatively scattered overall China,the distorted areas,having a high degree of labor misallocation,are mainly those provinces with lager labor inflows and outflows.And higher levels of total TFP distortion are mainly in the west and northeast regions.Meanwhile,if the distorted element configuration is improved,the TFP of industrial enterprises will have more room for growth in the west,northeast and several provinces on the eastern coast,with an average of more than 20% growth.In the terms of sub-ownership,the distorted degree of capital resource of state-owned enterprises was significantly serious in 2015 and 2016,which distorted index reached 30-50.And the degree of resources distortion of non-state-owned enterprises increased year by year,particularly,labors' distorted index reached 54.5 in 2016.If factors distortions are improved,the TFPs of state-owned and non-state-owned will gain the growth of 20% and 30%-50% respectively.Real estate prices have a significant inhibitory effect on total factor productivity of industrial enterprises,and also a positive effect on capital factor,labor factor,and overall TFP distortion.Rising housing prices will affect the efficiency of resource allocation among industries and industries.It will cause misallocation of resources and reduce the total factor productivity of industrial companies,thereby. |
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