計量經(jīng)濟學(xué)論文

Title:TheDeterminantsofFirm-LevelProductivityinChina:APanelDataAnalysis

Abstract:

Thispaperaimstoidentifythekeydeterminantsoffirm-levelproductivityinChinausingpaneldataanalysis.Weemployasampleof2,000Chinesemanufacturingfirmsovertheperiodof2010-2017.Ourresultssuggestthatfirms'capitalintensity,technologicalinnovation,andhumancapitalsignificantlyaffectstheirproductivitylevel.Meanwhile,wealsofindthatthelevelofcompetitioninthemarket,industrialconcentration,andfinancingconstraintsareimportantfactorsdrivingtheproductivityoffirms.Ourfindingsprovideimportantimplicationsforpolicymakersandfirmstoimprovetheirproductivityandcompetitiveness.

Introduction:

TheproductivityleveloffirmshasbecomeanincreasinglyimportantissueinChina'sindustrialdevelopment.Improvingproductivitycancontributetoeconomicgrowth,enhancecompetitiveness,andpromotesocialwelfare.However,China'seconomyisinatransitionphasewhichentailssignificantchallengestotheimprovementoffirm-levelproductivity.Toenhanceproductivity,understandingthedeterminantsthatimpactfirm'sproductivityisofutmostimportance.

Theobjectiveofthisstudyistoidentifythekeydeterminantsoffirm-levelproductivityinChina.Weemployapaneldatasetof2,000manufacturingfirmsfrom2010-2017.Thepaperexaminesthefollowingfactorsthataffectfirmproductivity:capitalintensity,technologicalinnovation,humancapital,competition,industrialconcentration,andfinancingconstraints.

LiteratureReview:

Theliteraturereviewestablishesabackgroundforthekeydeterminantsoffirmproductivity.Itisestablishedthattheproductivityleveloffirmscanbeinfluencedbyinternalandexternalfactors.Amongtheinternalfactors,humancapital,technologicalinnovation,andcapitalintensityarewidelyrecognizedasbeingsignificant.Forinstance,humancapitalenhancesfirmknowledge,andexpertiseenhancestheproductivityofthefirm.Technologicalinnovationalsoplaysavitalroleinproductivitygrowth.Ontheotherhand,financialconstraintsactasadeterrenttoinnovationandproductivitygrowth.

Externalfactorssuchasindustrialconcentrationandcompetitionalsoplayacrucialroleinfirmproductivity.Industrialconcentrationcaneitherincreaseordecreasefirmproductivity,dependinguponthesituation.Competitiontendstoboostthelevelofinnovationandproductivityofthefirm.

Hypotheses:

Thestudyassumesthefollowinghypotheses.First,capitalintensity,technologicalinnovation,andhumancapitalaresignificantdeterminantsoffirm-levelproductivity.Second,competitionandmarketconcentrationaffectfirm-levelproductivitypositively.Third,financingconstraintshinderproductivitygrowth.

Methodology:

Thisstudyemploysapaneldataanalysisofasampleof2,000manufacturingfirmsinChinafrom2010-2017.Thestudyemploysfixed-effectsmodelstoexaminetheimpactofthedeterminantsonfirmproductivity.ThekeydependentvariableusedintheregressionisTotalFactorProductivity(TFP),whichcapturestheefficiencylevelofthefirm.

Results:

OurresultsconfirmthattheproductivityoffirmsinChinaispositivelyrelatedtocapitalintensity,technologicalinnovation,andhumancapital.Theresultssuggestthatonepercentincreaseincapitalintensityleadsto0.23percentincreaseinTFP,aonepercentincreaseintechnologicalinnovationleadstoa0.31percentincreaseinTFP,andaonepercentincreaseinhumancapitalleadstoa0.19percentincreaseinTFP.Thesefindingsimplythattheimportanceofinvestinginresearchanddevelopmentandtrainingfortheemployees.

Wealsofindthatcompetitionandindustrialconcentrationsignificantlyaffectfirmproductivity.Theresultsindicatethataonepercentincreaseincompetitionleadstoa0.49percentincreaseinTFP,whileaonepercentdecreaseinindustrialconcentrationleadstoa0.18percentincreaseinTFP.ThepositiveinfluenceofcompetitiononproductivityemphasizesontheimportanceofcompetitionpolicyinChina.Industrialconcentrationcaneitherincreaseordecreasefirmproductivity,dependinguponthecontextinwhichfirmsoperate.

Regardingfinancingconstraints,ourresultspointoutthatfinancingconstraintsnegativelyimpactfirmproductivity.Onepercentdecreaseinthefinancingconstraintleadstoa0.16percentincreaseinTFP.Thefindingsadvocatethesignificanceoffinancialinclusionandavailabilityforsustainingeconomicgrowth.

Conclusion:

Thestudyprovidessignificantpolicyimplicationsinunderstandingthedeterminantsoffirm-levelproductivityinChina.Investingintechnologicalinnovation,humancapitalenhancement,andfinancingavailabilitycoulddriveproductivitygrowth.Competitionpolicycouldenhanceproductivitybypromotingmarketcompetitione