Factor Market Distortion, Entrepreneurship, And Corporate Productivity Improvement

All along,the improvement of enterprise productivity is the focus of our country’s economic development.For China,which is already a big manufacturing country,the improvement of the productivity of micro-manufacturing enterprises has become the key to the realization of manufacturing power in China.The academic circles have carried out a lot of research on the related problems of enterprise productivity,and focused on the factors and countermeasures of the change of enterprise productivity in China.For the first time,from the unique point of view of entrepreneurship at the urban level,this paper empirically studies the effects of factor market distortion,financial market distortion and labor market distortion on the productivity improvement of enterprises in China.In addition,this paper also carries on the deep analysis from the enterprise heterogeneity angle of state,private,Hong Kong,Macao and Taiwan as well as foreign capital.Finally,the paper also carries on the grouping test from the east,middle and west three regions,which provides the empirical evidence for the productivity improvement of micro manufacturing enterprises between different regions in China.Starting with entrepreneurship,using the data of Chinese industrial enterprises from 1999 to 2007,this paper selects Fan Gang and Wang Xiaolu’s China Market Index Report published in 2010,combines with the data of urban entrepreneurs’ entrepreneurial innovation spirit in the Statistical Yearbook of Cities and Kou Zonglai,Yang Yanqing(2017)China Urban and Industrial Innovation Power Report 2017,and uses fixed effect model to empirically test the impact of factor market distortion,financial market distortion and labor market distortion on the productivity of micro-manufacturing enterprises in China,and analyzes the relevant mechanisms.The study shows that factor market distortion,financial market distortion and labor market distortion all significantly inhibit the productivity of manufacturing enterprises in China.Considering the heterogeneity of enterprises,the state-owned enterprises in manufacturing enterprises are more likely to increase the productivity of enterprises themselves in the environment of factor market distortion.The results of the east,middle and west group test show that the factor market distortion in the eastern regionhas the most significant effect on the productivity of manufacturing enterprises,followed by the western region and the central region.