The Impact And Mechanisms Of Market-based Trading Of Mineral Rights On The Total Factor Productivity Of Enterprises

In 2011,the creation of a tangible market and preliminary rules for the transfer of mineral rights marked the reform of market-based trading of mineral rights in China.As the production progress of enterprises related to the whole industrial chain of mining resources is a matter of national importance,studying the impact of market-based trading of mineral rights on the total factor productivity of enterprises will clarify the role of the free flow of factors of mineral rights on enterprises related to the whole industrial chain of mining resources,contribute to the development and improvement of the socialist market economy system with Chinese characteristics,and provide theoretical and practical evidence and methodological support for assessing the economic effects of other policies in China It provides theoretical and practical evidence and methodological support for assessing the economic effects of other policies in China.This paper takes the reform of market-based trading of mineral rights as the research object and investigates the role and mechanism of the impact of market-based trading of mineral rights on the total factor productivity of enterprises related to the whole industrial chain of mining resources based on the analytical framework of the panel event study method.Using data from 626 A-share listed companies,this paper measures the total factor productivity of companies using the OP and LP method,analyses the impact of market-based trading of mineral rights on the total factor productivity of enterprises in 2011,and explores the mediating role of technological innovation and resource allocation.The study find that:(1)The reform of market-based trading of mineral rights positively and significantly affected total factor productivity,but the intensity declined year by year;the endowment conditions of firms were moderated by market-based trading of mineral rights.(2)The relative intensity and time interval of changes in total factor productivity of enterprises at different stages of the mining resource chain by the effects of market-based trading of mineral rights varied;total factor productivity of only water and energy enterprises were both significantly and positively affected by market-based trading of mineral rights.(3)Technological innovation played a masking role;resource allocation played a partial mediating role,but is weakened by firm endowments.Based on the above analysis,this paper puts forward corresponding policy implications.