The Sources of Capital Misallocation
The Sources of Capital Misallocation
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DOI：
10.1257/aer.20180336
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发表时间：
2019-07-01
影响因子：
10.7
通讯作者：
Venkateswaran, Venky
中科院分区：
文献类型：
--
作者：
David, Joel M.;Venkateswaran, Venky
我们开发了一种方法来解开资本“错误分配”的来源，即，增加值/资本的分散。它衡量了技术的贡献！信息摩擦和丰富的一类企业特有的因素。对中国制造业企业的应用表明，调整成本和不确定性虽然很重要，但只能解释离散的一小部分，而离散主要源于其他因素：与生产率相关的一个组成部分和固定效应。调整成本在美国大公司中更为突出，尽管其他因素仍占分散的大部分。技术/价格异质性解释了中国的有限部分，但在美国可能占很大份额。
We develop a methodology to disentangle sources of capital "mis-allocation," i.e., dispersion in value-added/capital. It measures the contributions of technological! informational frictions and a rich class of firm-specific factors. An application to Chinese manufacturing firms reveals that adjustment costs and uncertainty, while significant, explain only a modest fraction of the dispersion, which stems largely from other factors: a component correlated with productivity and a fixed effect. Adjustment costs are more salient for large US firms, though other factors still account for the bulk of the dispersion. Technological/markup heterogeneity explains a limited fraction in China, but a potentially large share in the United States.