Study On The Effects Of Capital And Labor Factors Allocation Distortion On TFP In Construction Industry

With the continuous advancement of urbanization,the construction industry ushered in a historic opportunity for development.The rapid development of construction industry,not only consolidates its position as a pillar industry of the national economy,but also greatly improves the people's living standards,and promotes economic and social prosperity.However,at the same time,the problem of low return on capital and labor shortage in the construction industry is becoming more and more prominent.In order to realize the sustainable development of China's construction industry,we need to respond to the call of structural reform of supply side proposed by the central government,based on reasonable analysis of production factors allocation of China's construction industry,correct the distortion of factors allocation,improve the efficiency of capital and labor,give full play to the productive potential of production factors,improve TFP in construction industry.This paper is divided into three parts to study the effects of capital and labor factors allocation distortion on TFP in construction industry: First,clear the connotation of the concepts,delimit the study perspective and scope,namely,study the effects of capital and labor factors allocation distortion on TFP in construction industry from the perspective of regions in China,and describe the theoretical basis of relevant.Secondly,on the basis of previous studies,the measurement model of allocation distortion degree of production factors of construction industry,the optimal adjustment model for production factors allocation of construction industry,and the measurement model of the change degree of TFP in construction industry before and after the optimization of factors allocation are constructed,laying the foundation for the following research.Finally,based on the data of China's construction industry during 2005-2015,an empirical analysis is made on the allocation distortion degree of production factors of construction industry in the three regions of East,middle and west of China and the change degree of TFP in construction industry before and after the optimization of factors allocation.Besides,some directional suggestions are put forward.The results show that:(1)In 2015,the whole allocation distortion of the construction industry in western region is more serious than the eastern and middle regions.During the period of 2005-2015,the whole allocation distortion of the construction industry in eastern region showed a fluctuating upward trend,and the middle and western region showed a fluctuating downward trend.(2)After optimization adjustment,the TFP in construction industry in China's East,middle and western regions have risen.From the perspective of the average value of TFP growth in China's regional construction industry from 2005-2015,the growth rate of TFP in the western region is 5.3%,higher than the middle region,4.7%,and eastern region,3.5%.(3)The variation of the TFP in construction industry is positively related to the whole allocation distortion,and with the increasing of the whole allocation distortion,the sensitivity of the variation of the TFP in construction industry to the whole allocation distortion is also gradually increased.