| As China enters the middle and late stage of urbanization and industrialization,the energy supply and demand gap are increasing,and the energy constraint has attracted the attention of the government and related enterprises.Although energy market reform since the Reform and Opening up made considerable progress,but the power,oil,natural gas,coal,and other natural resources price formulation is still controlled by the government,the government leading the initial configuration of factor resources and lead to energy efficiency is lower than the world average for a long time,the resources elements of skewed,also serious impact on energy production level.The environmental pollution,resource allocation and market regulation that the traditional energy industry is faced with cause the distortion of factor market to varying degrees,and the distortion of factor market brings obvious loss of social welfare.Resource misplacement due to factor market distortion inhibits the improvement of industry total factor productivity.To achieve highquality economic development and energy supply side reform,an important way is to improve energy total factor productivity(TFP).Therefore,what is the effect of factor market distortion on the efficiency of micro market players in the energy industry?Because of the particularity of energy,monopoly or oligopoly is more common in the energy market,and the influence of market forces on the high-quality development of energy enterprises is more profound.The market power of several monopolies in the energy market will not only make the monopolies profitable without innovation,but also make the potential entrants unable to achieve profits through innovation.So,what are the changes in the dual effects of factor market distortions and market forces on the total factor productivity of energy firms?This is crucial for energy enterprises to correct factor distortion and achieve high-quality development.Based on resources mismatch theory and industrial organization theory,combined with the size of the variable remuneration theory and the economics of the new structure of specialization enterprise authigenic principle,from the theoretical and empirical perspective to explore factor market distortions and market power influence on energy enterprises,analyzed the energy industry enterprise specialization and downstream enterprise viability to correct the distortion caused by factors of enterprise,on this basis,we discuss whether China’s implementation of factor allocation measures in the energy market can reduce the current loss of the energy industry.The results show that:Firstly,the factor market distortion is subject to factor prices,especially the price of capital factors.The greater the market power and factor market distortion faced by energy enterprises,the lower the degree of TFP losses.From the perspective of upstream and downstream,specialized division of labor forces makes upstream energy enterprises tend to expand their core products,seize market shares,change their market power,and optimize resource allocation.In addition,specialized division of labor can promote the improvement of upstream energy enterprises’ productivity.When the level of factor distortion remains the same,energy enterprises with higher total factor productivity will have lower marginal costs and thus face lower market prices in the downstream energy industry;when the level of total factor productivity remains the same in the downstream energy industry,higher increase total TFP is caused by a higher price index,which also means a higher degree of distortion.Secondly,non-factor inputs have played an important role in the output growth of energy enterprises.It is significantly higher than that of capital factors for the contribution rate of TFP to the increase of industrial added value of energy enterprises,and the contribution rate of capital factors is significantly higher than that of labor factors.Also,the allocation of factors is seriously distorted.Industry-based TFP research shows that the TFP of energy enterprises exhibits a higher level of value and growth rate in the oil and gas extraction industry,which is better than the energy total factor productivity of traditional coal mining and other industries.From a regional comparison,the TFP of energy enterprises always differed between regions from 1998 to 2014.Thirdly,the overall distortion of capital factors is quite different in the energy industry.The industry with the highest degree of distortion is coal mining,followed by petroleum processing and coking industries.From the overall average,the degree of capital distortion is relatively high in the energy industry.The highest level of labor factor distortion is still the coal mining and washing industry,followed by the electricity production and supply industry,the coal gas and gas production and supply industry,and the industry with the lowest labor factor market distortion is the petroleum processing and coking industry.Compared with the distortion of the labor factor,the average value of the distortion of the capital factor market is higher,and the energy industry shows greater differences.In addition,in recent years,it is getting smaller and smaller for the differences that exist in labor price distortions among the provinces within the four major regions.But,the difference in capital price distortions between provinces within the four major regions is getting bigger and bigger.Fourth,the degree of distortion of the capital factor has a negative coefficient of influence on the degree of TFP loss of energy enterprises,and the reduction of the distortion of the labor factor market will reduce the TFP loss of energy enterprises.After joining the market power,the estimated coefficient of capital factor market distortion on the degree of TFP loss of energy enterprises is still not significant,especially after adding the interaction term of factor market distortion and market power,the estimated coefficient of capital factor market distortion has increased,but it has not yet been passed t-test.Increasing the degree of labor factor market distortion will strengthen the expansion effect of energy enterprises’ TFP losses;after adding the interaction term of the labor factor market distortion and the market power index,the labor factor market distortion effect will be negative,while the estimated coefficient of the labor factor market distortion and the interaction term will be negative.Significantly positive,indicating that the degree of market power faced by energy enterprises will weaken the negative effect of labor market distortion on enterprises’ TFP losses.After introducing the intermediary effect of capital favoritism,the coefficient of capital factor distortion is significantly positive,which can significantly reduce the degree of capital favoritism,and then affect the TFP loss of energy enterprises.Although capital distortion is reflected as a deviation in the part of the optimization process of capital factor allocation within the energy market,but this deviation has changed the degree of capital intensity faced by the energy market,thereby,reconstructing the selectivity of capital through the adjustment of capital favoritism,and then acting on the corporate TFP.Fifth,specialized division of labor can increase the impact on TFP of upstream energy enterprises by improving the overall distortion of the factor market,thereby reducing corporate TFP losses.Division of labor has corrected the impact of factor market distortions on TFP,making the impact of factor market distortions on upstream enterprises in the energy industry more concentrated.On the one hand,it has corrected the superimposed effect of capital factor distortions on energy enterprises’ TFP losses,and on the other hand,it has reduced the direct impact of labor distortions on TFP losses.In addition,the specialization of labor will also be subject to heterogeneity in the process of correcting the distortion of the factor market that affects the TFP losses of upstream enterprises in the energy industry,including the ownership of the enterprise,industry characteristics,and the geographic location of the enterprises.There are threshold changes in the influence of specialized division of labor and TFP losses of energy upstream enterprises.When the market power is higher than 0.838561,the coefficient of specialized division of labor affecting the TFP losses of energy enterprises is not significant,and only the labor factor distortion coefficient is significantly negative,indicating that the specialization and TFP losses that there is a non-linear relationship between TFP losses of energy enterprises.With the increase of market power of energy upstream enterprises,the specialization of labor will first slow down and then increase after correcting the distortion of the labor factor market.Sixth,the higher the viability of energy enterprises,the more helpful it is to reduce the TFP losses of downstream enterprises.From the overall estimation results,the viability of downstream enterprises can effectively improve factor market distortions in the energy industry.Compared with the eastern region,the viability of downstream energy enterprises has a significant negative impact on the TFP losses of energy enterprises in the western,and the absolute value far exceeds that of the eastern,the central and the northeastern regions;while the viability of energy enterprises is negative in the eastern and the central regions.Although the impact on TFP of energy enterprises,they are not significant.The viability of enterprises in the thermal power,hydropower,and power industries has a significant negative impact on TFP losses,but the impact of corporate viability is not significant in the nuclear power generation industry on TFP losses,which indicates that the nuclear power generation industry is state-owned the particularity of business operations determines that corporate profitability is not the main goal.Different from the impact of viability in the power industry,the impact of the viability of coal gas and gas production and supply companies on the TFP loss of energy companies is quite different.The viability of enterprises did not have a significant impact on the company’s TFP loss in the gas industry,and the estimated results of the viability of gas were not significant.Compared with state-owned enterprises,factor price distortions reduce the effect of non-state-owned enterprises’ viability in correcting corporate TFP losses.Based on these,this article proposes measures to achieve the high-quality development of energy enterprises within four aspects:the first is to increase the TFP of energy enterprises,optimize factor input allocation and TFP growth mode,and coordinate regional development policies;the second is to correct factor market distortions and strengthen government Start with management capabilities,promote the construction of a large market,attach importance to the reform of the core factor market,build an effective and competitive energy market,and improve the mechanism for determining energy prices mainly by the market;the third is to give play to the comparative advantages of the energy industry division of labor,coordinate the layout of the energy industry,and improve the energy industry Structure;the fourth is to enhance the market profitability of energy companies,build a better business environment,and establish the dominant position of energy companies in the market. |
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