Regional Factor Endowment Structure And Total Factor Productivity Measurement In China

Since the Chinese economy has ushered in a "new normal",a decrease in capital return and demise of demographic dividends and other problems are restricting the development of the Chinese economy.This requires that China should analyze the sustainability of economic growth from the perspective of the supply side.To study the economic growth from the perspective of the supply side,it means that it is essential to observe the decline in the Chinese economic development pace on the basis of transforming the national economic accounting identical equation into the production equation.The factor share-maintenance hypothesis in the Cobb-Douglas Production Function model of mainstream economics does not accord with China's economic development realities of constantly-changed factor shares and different factor endowments in various regions.So it is essential to build a macroscopic production function model suitable for China's national conditions from the perspective of spatial and temporal disparities.On the basis of measuring the factor endowment structure of 30 provinces(including municipalities and autonomous regions)in China,this paper studies the spatial correlation of factor endowment structure in different regions and constructs a spatio-temporal heterogeneous elastic production function model containing time and space factors based on the new classical production function model.Finally,the total factor productivity and convergence of different provinces are analyzed.The research conclusions show that:Firstly,in terms of the distribution of factor endowment structure,the distribution of factor endowments in China shows the rich capital elements in the eastern region,the abundant labor force elements in the central and western regions,and relatively balanced elements in the northeastern region.The economic factors generally show the characteristics of the flow to the eastern region and the economically developed provinces.The labor productivity gap between the regions is still in an expanding stage.Secondly,in terms of factor output elasticity,the spatial and temporal differences are more obvious in China's factor output elasticity since the period of reform and opening up.Each province shows that the output elasticity of capital factor is greater than the output elasticity of the factor of labor force.At the present stage,the elasticity of capital and labor production in most provinces is gradually stabilized at about 0.6 and 0.4.Thirdly,in terms of measurement of total factor productivity,take 1992 as its time node,shows different fluctuation characteristics before and after the year,and the volatility began to decrease after 1992.The contribution rate of total factor productivity to the economy in different regions shows the tendency of fluctuation in the same direction.At present,the total factor productivity of 30 provinces in China shows the convergence of conditions.The possible academic marginal contributions of this paper include the following three aspects:Firstly,in the study of regional factor endowment structure,this paper compares the advantages and disadvantages of different factor endowment structure measurement methods,using the method of spatial econometric to analyzes the spatial correlation and evolutionary trend of China's regional factor endowment structure since the period of reform and opening up based on the measurement results of the factor endowment structure of 30 provinces,which provides a new idea for the study of China's regional factor endowment structure.Secondly,in the aspect of production function model research,the time and space factors are simultaneously included in the production function model and a useful attempt and exploration is made to construct a production function model that is in line with China's economic development situation.Thirdly,in the study of total factor productivity,based on the difference and correlation of regional factor endowment structure,the first-constructed production function model with time and space factors is used to provide a new method for regional total factor productivity measurement in China.