【摘要】 以创新要素为切入点，构建资源配置和全要素生产率的理论框架，通过计算2010—2020年中国第二产业A股上市公司实物资本、劳动力和创新要素的配置水平与加总TFP,对两者间的作用关系进行了实证分析。研究发现，中国第二产业要素市场存在明显错配，创新要素配置失衡水平显著高于实物资本和劳动力，且创新要素对实物资本和劳动力存在显著的替代效应，能够有效降低两者的扭曲程度。要素配置水平和TFP间存在倒U型关系，即产业发展初期能够通过对要素的偏向性配置提升TFP水平，但长期持续的资源配置扭曲则会抑制TFP的增长。异质性分析结果表明，第二产业三种要素的配置状况在行业、股权性质以及地区层面上均存在显著的异质性。内生性检验和稳健性检验结果验证了上述结论的有效性。故中国应深入推进创新驱动战略，通过深化供给侧改革和要素市场化改革，优化资源配置和市场结构，提升企业发展质量。更多还原

【Abstract】 From the perspective of innovation factors, this paper builds a theoretical framework for resource allocation and total factor productivity. By calculating the allocation level and the aggregate TFP of physical capital, labor force and innovation factors of China’s A-share listed companies in secondary industry from 2010 to 2020, this paper empirically analyzes the relationship among them. The results show that there is an obvious resource misallocation in the factor market of the secondary industry, and the imbalance of innovation investment allocation is significantly higher than that of physical capital and labor factors. Innovation factors have a significant substitution effect on physical capital and labor force, which can effectively reduce the distortion of the two factors. There is an inverted “U-shaped” relationship between resource allocation and TFP. This means at the initial stage of industrial development, TFP can be improved through biased allocation of factors, but long-term and sustained distortion of resource allocation will inhibit the growth of TFP. Heterogeneity analysis shows that significant heterogeneity can be found in the allocation of the three factors of China’s secondary industry in terms of industrial, equity nature and regional levels. Endogenous test and robustness test confirmes the validity of the above conclusions. Therefore, China should further promote the implementation of the innovation driven strategy, continuously deepen the supply side reform and factor marketization reform so as to optimize resource allocation and market structure, and improve the quality of enterprise development.更多还原