Research On The Influence Of Factors Misallocation On Innovation Efficiency Of Industrial Enterprises

Factor misallocation is a typical fact brought about by the lag of China's factor market reform,and is also the root of unbalanced economic structure.The 19 th National Congress proposed that correcting misallocation and deepening factor market-oriented reform of factors are indispensable measures for innovation-driven development.This paper takes the influence of capital and labor factors mismatch on industrial enterprise's innovation efficiency as research object.Firstly,it sorts out the relevant research on mismatch of factors and innovation efficiency,reviewing the causes development influence and calculation methods of factor misallocation,summarizing the measurement methods and affecting factors of innovation efficiency.Then,this paper analyzes the mechanism of capital and labor mismatch affecting innovation efficiency respectively,and verifies that capital and labor mismatch will intervene in the innovative production activities of industrial enterprises and thus affect innovation efficiency by establishing a theoretical model.Two hypotheses are put forward: first,there is a negative mismatch between capital and labor elements,which will inhibit the innovation efficiency of industrial enterprises.Second,the inhibition of capital and labor factors on innovation efficiency is non-linear,so the margin of decline in enterprise innovation efficiency caused by mismatch per unit increases.In order to verify the hypothesis,this paper uses C-D production function method and stochastic frontier analysis method to measure the factor misallocation index and industrial innovative efficiency of 30 provinces in China from year 2006 to 2017,based on which a econometric model is established to make systematic GMM estimation.The main research conclusions are as follows: first,both capital and labor factors are negatively misallocated in China.Eastern region experiences slightly higher level of capital mismatch than the central and western regions,while the degree of labor mismatch decreases from the west to the east.Second,although the innovation efficiency of industrial enterprises has increased year by year,there is still a big gap between the whole and the efficiency frontier.The innovation efficiency of the eastern region is higher than that of the western region,and the central part is the region with the lowest innovation efficiency.Third,negative mismatch of capital factors will inhibit innovation efficiency of industrial enterprises.There is also a negative mismatch of labor factors,but it only has a significant inhibitory effect on industrial enterprises in central and western regions.Fourth,the innovation inhibition effect of capital and labor mismatch is nonlinear,and the margin of innovation efficiency decline caused by unit mismatch increases.Finally,this paper suggests following countermeasures to rectify factors misallocation and improve innovation efficiency of industrial enterprises.First,the financing market for innovative activities can be improved to ensure orderly financing activities;The second is to break down the barriers of factor flow system and improve the efficiency of labor factor allocation.Third,pay attention to regional differential policy-making and create an efficient environment for regional innovation.The fourth is to release the beneficial effects of enterprise characteristics and form a stable path of independent innovation.