A Structural Estimation on Capital Market Distortions in Chinese Manufacturing
A Structural Estimation on Capital Market Distortions in Chinese Manufacturing
复制标题
中国制造业资本市场扭曲的结构性评估
DOI：
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发表时间：
2013
期刊：
影响因子：
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通讯作者：
G. Wu
中科院分区：
文献类型：
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作者：
Michael Zheng;G. Wu
资本市场扭曲会因资源配置不当而降低总生产效率。现有文献从资本平均收益产品的分散性中推断出这种扭曲。然而，该方法受到一系列识别问题的影响：生产技术和市场力量中未观察到的异质性；特殊冲击带来的资本调整成本；以及数据中的测量误差。本文开发了一种结构计量经济学方法，用于估计所有上述因素都可能存在的环境中的资本市场扭曲。使用 2004 年至 2007 年中国制造业的代表性企业级数据，我们发现资本市场扭曲意味着总收入损失达 40%。我们还在 Compustat 中估计了美国制造企业的扭曲。将资本配置效率提高到计算统计公司观察到的水平将使中国的制造业收入增加 31%。最后，我们提出了一种简化的方法，以更容易处理的方式解决识别问题。
Capital market distortions lower aggregate productive efficiency by misallocating re- sources. The existing literature infers such distortions from the dispersion of the average revenue product of capital. However, the methodology is subject to a set of identification issues: unobserved heterogeneities in production technology and market power; capital ad- justment costs with idiosyncratic shocks; and measurement errors in the data. This paper develops a structural econometric approach of estimating capital market distortions in en- vironments where all the above factors can be present. Using representative firm-level data from Chinese manufacturing from 2004 to 2007, we find that capital market distortions imply aggregate revenue losses of 40 percent. We also estimate distortions for U.S. manu- facturing firms in Compustat. Improving capital allocation e¢ ciency to the level observed among the Compustat firms would increase China's manufacturing revenue by 31 percent. Finally, we propose a simplified approach, which addresses the identification issues in a much more tractable way.