| In the context of the dual division of the labor market,the wage gap between the state and non-state sectors is one of the reasons for the low efficiency of human capital allocation.In the recent years,despite significant increase in labor mobility,China continues to suffer high TFP losses arising from human capital misallocation.Facing the current situation of human capital misallocation,China needs to improve the efficiency of labor allocation to reduce the loss.Therefore,this paper is trying to construct a two-sector economic growth model that measures the human capital misallocation,TFP loss during the ownership reform period.So,we use the data from Chinese Household Income Project Survey(CHIP)and the EPS platform to measure the human capital stock,GDP,and physical capital stock of the two departments.With these data in hand,the output elasticity can be estimated by applied the production function.Finally,the misallocation and the loss can be calculated by using these parameters.Our analysis suggests that human capital distortions in the non-state sector are more worser than the state sector.Furthermore,human capital allocation between two sectors is worse in developed regions.Moreover,the trend of misallocation in two sectors is different when they face the financial crisis.The misallocation in the state sector showed a downward trend in 2008,while the non-state sector is the opposite.In terms of the TFP loss,the impact of misallocation is negative for all regions.However,within-sector misallocation of human capital had the largest negative impact in the Eastern region,and the smallest impact in the Western region.The reason for this difference is the difference in the economic structure and human capital structure of each region.Finally,this paper analyzes several key periods and decomposes the loss.It is found that the difference in the human capital wage rate between the two sectors leads to the loss of overall economic efficiency. |
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