Resource Mismatch And Its Impact On Total Factor Productivity Of China's Manufacturing Industry

At present,China is in the critical period of supply side reform,and the real economy is facing a painful period of cutting inventory and reducing capacity.Based on this background,manufacturing enterprises are bound to face a new round of reshuffle and elimination.To achieve sustainable development,it is necessary for enterprises to change their patterns of development and realize transformation smoothly.Therefore,based the perspective of resource mismatch,this paper studies the impact of resource mismatch on TFP of China's manufacturing industry and the causes of resource mismatch,and then put forward suggestions to solve the problem of resource mismatch,in order to help the upgrading and transformation of China's manufacturing industry.This paper mainly includes the following aspects:(1)pull together the domestic and foreign research results of resource mismatch theory and its impact on TFP,and elaborate the theoretical basis of the causes of resource mismatch and impact mechanism of resource mismatch on TFP.(2)This paper studies the sources of resource mismatches by linking resource mismatches with government policies,labor and capital friction,credit constraints and enterprise scale.(3)Based on the HK model,taking the data of manufacturing enterprises 2008-2018 in Shenzhen stock listed companies as the research sample,this paper estimates the degree of resource mismatch in different regions and industries and the total factor productivity loss caused by it.(4)The total factor productivity loss of manufacturing industry caused by different types of resource mismatches is decomposed,analyzing the contribution ratio of resource mismatches between and within types to total factor productivity loss and contribution of resource mismatches between regions and industries,and the counterfactual analysis method is used to further verify whether the decomposition method is reasonable.The research conclusions are as follows:(1)the result of studying source of resource mismatch shows that: government subsidies will increase the income of enterprises and alleviate the resource mismatch faced by enterprises;for enterprises with difficulty in financing,the capital mismatch degree is generally high;the greater the friction of labor flow,the higher the labor mismatch's degree of enterprises;the larger the enterprise scale,the lower the capital mismatch's degree,but the degree of overall resources mismatch and labor mismatch will increase correspondingly.(2)The degree of resource mismatch in China's manufacturing industry are steadily decreased in the reporting period.However,industries with low resourceutilization rate and productivity show a trend of worsening resource mismatch,which leads to a large gap between the effective total factor productivity and the actual total factor productivity;some emerging industries have high capacity,its degree of resource mismatch is low,and the gap between the effective total factor productivity and the actual total factor productivity is also small;From this conclusion,it can be seen that the development characteristics of manufacturing industry are obvious.In terms of resource mismatches in different regions,the degree of resource mismatches is the highest in the West and the northeast,and the lowest in the East.(3)by decomposing the total factor productivity loss caused by resource mismatches between and within types,it is found that the contribution rate of both of them are the same;in the total factor productivity loss caused by resource mismatches between types,the total factor productivity loss caused by resource mismatches between different regions is greater than that caused by resource mismatches between different industries.