关键词: 人力资本, 要素价格, 配置效率, 全要素生产率

Abstract: The relative prices of factors have a major effect on TFP by affecting the allocative efficiency. In this article, we divide the total work force into raw labor and human capital, and estimate the TFP of 31 provinces with a stochastic frontier trans-log production function. Then, we investigate how the factor allocative efficiency and factor price affect the TFP. The main conclusions are, (1) the factor allocative efficiency keeps declining since 2003, which is the main cause of the TFP growth rate glissade. (2) the TFP growth rate is much higher in eastern region than those in western and middle region with a widening gap. Along with this, the allocative efficiency differences is expanding at an increasing rate between the eastern region and western region, which further indicates the restriction imposed by factor allocative efficiency on the TFP growth. (3) the factor price has a direct influence on the allocative efficiency. At this stage, the factor prices distortion is mainly reflected by a relatively higher price of physical capital. (4) By simulating a price drop on physical factors and a price increase on human capital and raw labor, we found a significant improvement on allocative efficiency and consequently a TFP growth. Therefore, the government must pay great attention on maintaining and improving the market environment, give full play to the decisive role of the market in allocating resources and promote the TFP growth by improving allocative efficiency

Key words: Human Capital, Factor Price, Allocative Efficiency, Total Factor Productivity