关键词: 价格波动, 配置效率, 门阀效应, 随机前沿分析

Abstract: 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.

Key words: Price, Fluctuation, Allocation, Efficiency, Threshold, Effect, Stochastic, Frontier, Analysis