关键词: 资源配置效率, 资本错配, 全要素生产率

Abstract: Nowadays factor misallocation becomes a universal phenomenon in the developing countries, while literature focuses on the effect of the labor not capital misallocation on total factor productivity. This paper develops a framework based on multi-sector model in the condition of imperfect market, with capital frictions coefficient indicating the magnitude of capital misallocation, and take the panel data of China’s eight sectors during 1978-2010 to measure the effect of capital misallocation on TFP. It shows that: capital allocation efficiency appears a negative effect, and the loss of resource allocation efficiency stemmed from capital misallocation is obvious, which make total factor productivity decline 2.6%.Due to the barrier of capital mobility, China's economic gap between actual output and potential output is significant, and the actual output accounts for 70%-89% of potential output. And it is the financial monopoly that induces capital mobility barrier, and capital misallocation across sectors.

Key words: Resource Allocation Efficiency, Capital Misallocation, Total Factor Productivity