价格波动与资源配置效率研究

 文章从理论和经验两方面研究了价格波动对资源配置效率的影响。理论模型显示：由于调整成本的存在，面对较低水平价格波动的企业可能并不会立刻调整要素投入比例和生产计划，这一“保守策略”意味着价格波动可能带来企业配置效率损失的增加。但是随着价格波动幅度进一步增加，越来越多的企业将会主动的对生产计划进行调整，以便抵消较大幅度波动的不利影响。“保守策略”向“调整策略”的转变意味着价格波动引起的资源的配置效率损失可能存在门阀效应。利用1978-2007年省级面板数据和基于极大似然估计的随机前沿方法，文章实证研究证实了价格波动对资源配置效率损失的非线性影响，认为传统的研究可能低估价格波动对经济的负面影响。

Analysis on Price Fluctuation and Resource Allocation Efficiency

This paper studies the relationship between price fluctuation and resource allocation efficiency from the theoretical and empirical perspectives. Theoretical model shows: due to adjustment cost, enterprises inertly confront smaller volatility which increases their allocation inefficiency. But greater volatility increases the opportunity cost of conservative strategy, in order to avoid the disadvantageous effects from greater volatility, most of the enterprises will change their production plan and factor input ratio passively. Conservative strategy to adjust strategy means that price fluctuation has a threshold effect on resource allocation inefficiency. Using stochastic frontier analysis and the panel data from 1978 to 2007, this article confirms that price fluctuation has a non-monotonic effect on resource allocation inefficiency. We also believe that traditional analysis may underestimate the malignant impact of price fluctuation.