【摘要】 本文利用1998—2007年中国工业企业数据库规模以上企业的微观数据,分别从"动"、"静"两方面探究行业内企业间资本错配的影响因素。一方面,利用静态面板数据模型逐步加权回归;另一方面,从资本动态投入的视角,将生产率波动引入到带有资本调整成本的企业动态投资模型中,构建了基于企业价值最大化情况下的贝尔曼方程,模拟了名义生产率波动对行业资本错配的非线性正向作用和企业最优决策下的行业资本错配程度。研究表明:补贴差异化程度、免税额差异程度、国有资本比重的提高可以显著增加行业内资本错配程度;而行业平均规模、知识、高技能劳动力密集度的提高则可以显著减小错配程度,进而提出推进补贴和免税模式改革来降低行业内资本错配这一重要手段。此外,通过资本动态投入方程模拟得到的行业内资本错配程度显著低于实际测量到的行业内资本错配程度。这意味着,由生产率异常波动引起的企业实际资本投入偏离了其最优投资决策,导致行业的实际资本错配程度显著大于其模拟值,即行业内企业间的资本错配程度增加。更多还原

【Abstract】 In this paper,the micro-data of enterprises above designated size in China’s industrial enterprise database(1998-2007)is used to explore the influence factors of industry capital mismatch between enterprises from two aspects of "move" and "static",respectively. On the one hand,empirical studies,in which the panel data model was applied. On the other hand,from the perspective of dynamic input of the capital,the paper introduced the productivity fluctuation into the enterprise dynamic investment model containing adjustment cost factors,constructed a Bellman equation based on the circumstance in which the enterprise value is maximized,and simulated the non-linearly positive effect of nominal productivity fluctuation towards industrial capital misallocation and the degree of industrial capital misallocation under the circumstance of optimal enterprise decisions. The above studies show that increases on degree of differentiation in subsidies,degree of differentiation in tax exemption,and proportion of stateowned capitals,can significantly promote the degree of capital misallocations within the same industry;while increases average scale of the industry,labor endowment can significantly lower the degree of capital misallocations within the same industry;the paper,as such,proposed that promoting reforms on subsidy and tax exemption modes remained an important means for lowering capital misallocations across enterprises in the same industry. In addition,we found that industry capital misallocation degree was significantly lower than the actual measurement to the degree of industry capital misallocation through the equation in dynamic input of capital. This means that caused by productivity swings enterprise actual capital investment from its optimal investment decisions,the actual capital misallocation degree of industry significantly was greater than the simulation value,namely the degree of capital misallocation between enterprises in the industry was increased.更多还原