资本产出率扭曲、投资结构优化与经济稳定增长

贺京同 汪震 魏哲

（南开大学经济学院）

 

内容提要：在中国高质量发展不断深化的背景下，投资对于供给侧结构性改革起着关键作用，资本的不当配置造成的低效率利用问题是供给结构失衡的重要原因。本文通过产业层面资本产出率扭曲来研究投资结构失衡对于经济增长的影响，提出了由资本产出率扭曲所引起的资本错配的新测度方法。本文基于测度的2004—2020年中国各产业资本错配指数，实证分析中国产业间资本错配对经济增长的影响。研究结果表明中国投资面临着结构性失衡问题，具体表现为低投资效率的产业获得高份额的投资以及高投资效率的产业没有获得足够的投资份额，从而造成了过度投资与投资不足并存的现象。中国各产业间的资本错配大约造成了实际产出与潜在产出之间9.31%的缺口。政府在优化投资结构时应当充分考虑产业间资本错配的影响，通过解决资本错配问题来发挥投资对优化供给结构的关键作用，从而确保实现经济的稳定增长。

 

关键词：资本产出率；资本错配；投资结构失衡；供给结构；供给侧结构性改革；双循环

 

作者简介：贺京同，南开大学经济学院教授、博士生导师，天津，300071；汪震，南开大学经济学院博士研究生；魏哲，南开大学经济学院博士研究生。

 

基金项目：国家社会科学基金重大项目“发挥投资对优化供给结构的关键作用研究”（21ZDA037）；教育部人文社会科学研究规划基金项目“发挥有效投资对优化供给结构的关键作用研究”（19YJA790025）

 

引用格式：贺京同,汪震,魏哲.资本产出率扭曲、投资结构优化与经济稳定增长[J].经济与管理研究,2022,43(12):3-18.DOI:10.13502/j.cnki.issn1000-7636.2022.12.001.

　　

　　

Capital-output Ratio Distortion, Investment Structure Optimization and Stable Economic Growth

HE Jingtong, WANG Zhen, WEI Zhe

(Nankai University, Tianjin 300071)

　　

　　Abstract: The Report to the 20th National Congress of the Communist Party of China put forward the strategic task of “building a unified national market, advancing reforms for the market-based allocation of production factors, and putting in place a high-standard market system”. The administrative system reform is the key to connecting the market mechanism with the construction of a unified market. Since 1982, China has implemented seven rounds of large-scale administrative system reform, with a greater emphasis on promoting factor marketization and the construction of a unified national market. At present, micro-enterprises have free access to the market, the efficiency of market allocation is greatly improved, and a unified national market is initially established. However, there are some new manifestations of market distortion in the new era, such as the rebound of old barriers to administrative division, the chance of quasi-administrative barriers, the excessive concentration of functions in megacities, the unfavorable business environment, and the fragmentation of online and offline markets. Therefore, it is necessary to further resolve these market distortions in five aspects: improving incentives for local officials, maintaining progressive reform, optimizing coordination of regional interests, replacing special tasks with contractual spirit, and strengthening regulation of the digital economy. These findings have some policy implications and practical guidance for promoting China’s administrative system reform, incentivizing factor marketization, and building a unified national market.

 

　　Keywords:  administrative system reform; market distortion; factor marketization; unified national market; market allocation efficiency