关键词: 中国制造业部门, APG模型, 要素配置效率, 影响因素, 政府干预

Abstract:

This paper decomposes and estimates the province-level APG of manufacturing sector, and deeply analyzes the reasons of low allocative efficiency of factors in manufacturing sector. The empirical results show that, technical efficiency and net entry of firms are the main sources of APG of Chinese manufacturing sector, while the contribution of allocative efficiency of production factors to APG is limited, which proves that the backward development of factor markets is an important reason of slow growth of Chinese economy. Further tests show that, the intervention of factor markets by local governments is the main driver of low allocative efficiency of manufacturing sector, and the intervention effect mainly manifests as inversed-U shape. More detailed decomposition results show that, the effect of intervention on the allocative efficiency of capital is inverted-U shape, while the effect on the allocative efficiency of labor is U shape. All the tests above prove that, comprehensively promoting market-oriented reform of factor markets and reducing the distorted effect of government intervention on microeconomic organizations are the vital reform measures to maintain the sustainable growth of manufacturing APG.

Key words: Chinese Manufacturing Sector, APG Model, Allocative Efficiency of Production Factors, Determinant, Government Intervention