| The energy industry plays a crucial role in the development of national economy.However,they are facing the problems of slow marketization,distortion and excessive government intervention.Under such circumstances,resources are difficult to be effectively allocated and not only affect aggregate output in the short term,but also pose serious challenges to the sustainability of economic growth.Obviously,it is imperative to speed up the transformation of economic development mode and realize the conversion of old and new kinetic energy.Therefore,starting from the supply side,effectively solve the problem of misallocation and find new momentum for economic growth has become one of the most important issues to be solved.This article analyzes the problem of misallocation in detail.First,we attempt to identify misallocation in the energy industry.According to the theory,when resources are allocated efficiently,there is a positive correlation between the factor input and total factor productivity.Conversely,if the relationship between factor inputs and productivity is not high or not significant,we can conclude that resource allocation has not yet reached the optimal level.The article uses this principle to identify whether there is distortion of resource allocation in the energy industry.Then,after confirming the distortion of resource allocation in the energy industry,we constructed an extended theoretical framework that not only considers the traditional elements but also analyzes the distortion of the intermediate product.After completing the theoretical framework,this paper also used the data of industrial enterprises from 1998 to 2007 to measure the loss of production efficiency.Finally,based on the theoretical calculation,the article further analyzes the effect of distorting intermediate products on the efficiency of resource allocation through the fixed effect model,which is a useful supplement to the existing literature.The paper concludes that: First,the OP methods show that the correlation between total factor productivity and factor input is insignificant,which means that the energy industry suffers from a serious misallocation of resources.Second,the intermediate product framework shows that ignoring the distortion of the intermediate product will lead to an underestimation of the efficiency loss of the energy industry by more than 33%.In addition,regional differences do not affect the estimation of efficiency loss.Third,the fixed effect model(FE)shows that the distortions of intermediate products and government intervention have a significant positive impact on misallocation,which have passed the robustness test.At the same time,accelerating the marketization of the financial industry is conducive to reducing efficiency losses.However,it is hard to ease the misallocation of resources in the short term by increasing the development of the labor market.The research in this paper has made a detailed and theoretical study on the influence of intermediate products on the total factor productivity of the energy industry,which has important theoretical and policy implications for the government to correct market distortions and increase productivity. |
