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。
In this paper, the micro-data of enterprises above designated size in China＇s indus- trial 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,ity through two channels-rental income from housing property rights and potential return on other investment produced by home value. The impacts of housing differentiation on household income have significant regional effects, that is, for housing prices rise at fastest rate in the eastern region, the impacts are more obvious; and with rising levels of household income, the impacts of homeownerships and housing areas on household income are gradually enhanced, and the contribution of rental income to household income is increased. Therefore, in addition to taking the traditional means to curb speculative demand on real estate, our government should pay more attention to adopt income re-distribution policies and differentiated housing policies to prevent income inequality enlarging towards housing price fluctuations.
作者
刘朝
赵志华
步晓宁
Liu Zhao;Zhao Zhihua;Bu Xiaoning(Applied Economics Post Doctoral Mobile Station, Xi＇an Jiaotong University, Xi＇an, Shannxi 710061, China;School of Finance and Economics, Xi＇an Jiaotong University, Xi＇an 710061, China;School of Finance, Shandong University of Finance and Economics, Jinan250014, China)
出处
《南开经济研究》
CSSCI
北大核心
2018年第1期34-49,85,共17页
Nankai Economic Studies
基金
国家自然科学基金面上项目"关于约束稀疏优化问题的理论
算法及应用研究"(11571271)
教育部社会科学基金重大项目"新常态下我国经济增长动力转换和新经济增长点培育研究:理论
机制和实证"(15JZD012)的资助
关键词
资本投入
生产率波动
资本错配
Housing Differentiation
Household Total Income
Rental Income
Income Inequality
