资源错配与中国能源行业全要素生产率

拓展了Hsieh and Klenow（2009）的理论模型，以1998-2007年中国能源行业微观数据为实证对象，测算了资源错配对能源行业及其分行业TFP的影响。结果发现：样本期内，资源错配对能源行业造成了TFP损失巨大，并呈现波动式递增趋势，而资本错配是造成这一现象的主要原因；资本错配对TFP的损失远远大于产出扭曲和劳动错配对TFP的损失；能源行业分行业资源错配差异显著，损失最大的分行业是石油开采业，其次为电力行业、煤炭行业、石油加工业。降低资源错配是提高能源行业TFP的有效路径，TFP增长潜力巨大；纠正资源错配的思路应以纠正资本错配为主，以纠正劳动和产出扭曲为辅；最后，针对能源行业各分行业应制定差异化的政策。

Recourse Misallocation and Total Factor Productivity in Chinese Energy Industry

This paper extends the theoretical model of Hsieh and Klenow (2009), and measures the loss TFP of energy industry and its sub-industry from RM using micro data of China''s energy industry from 1998 to 2007. We found three important conclusions as follows. Firstly, in the sample period, the loss of TFP from RM is tremendous and it is basically increasing year by year,which is mainly caused by capital misallocation. Secondly, the loss of TFP from capital misallocation is much greater than that of TFP from the output distortion and labor misallocation. Thirdly, the loss of TFP of energy industry and its sub-industry from RM has significant difference, and the loss of TFP of oil exploitation industry is the highest, followed by power industry, coal industry, and oil processing industry. Policy implications include three points: firstly, reducing RM is the better way of enhancing TFP of energy industry; secondly, we should mainly reduce capital misallocation, and reduce output distortion and labor misallocation; at last, we should make different polices for different energy sub-industry.