Research On The Effect Of Resource Mismatch On TFP Of China's Manufacturing Industry

The report of the 19 th National Congress of the Communist Party of China clearly points out that we must adhere to the principle of quality first and efficiency first,and take supply side structural reform as the main line to improve total factor productivity.In recent years,China's economy has achieved high-speed growth,but the problem of resource mismatch and efficiency loss of manufacturing industry caused by extensive economic growth is more serious.It can be seen that to correct the resource mismatch of manufacturing enterprises and improve the total factor productivity of manufacturing industry is an important task to deepen the supply side structural reform,and also an inevitable requirement to achieve the strategic goal of manufacturing power.Therefore,it is of great practical significance to study the effect of resource mismatch on TFP of China's manufacturing industry for promoting the structural optimization,transformation and upgrading of China's manufacturing industry.In this paper,A-share listed manufacturing enterprises in China from 2013 to 2018 are taken as the research object,and a monopolistic competition model including heterogeneous enterprises is constructed to measure the TFP losses caused by resource mismatches in the manufacturing industry as a whole,in different industries,in different regions and in different ownership levels;a measurement model including external factors such as trade openness,government intervention,financial friction and technological innovation is constructed to explore The influence of external factors of manufacturing industry on TFP.Through the analysis,we can draw the following conclusions:(1)in the sample period,if the resource allocation standard of American manufacturing industry is met,the total TFP of China's manufacturing industry will increase 0.41-1.58 times on the existing basis.(2)The degree of resource mismatch in the manufacturing industry of machinery and electronics and light textile manufacturing industry is significantly higher than that in other manufacturing industries;the degree of resource mismatch in the manufacturing industry in the northeast is slightly higher than that in the East,middle and West;the degree of resource mismatch in the central state-owned enterprises and other foreign-funded enterprises is higher than that in the local state-owned enterprises and private enterprises.(3)The analysis of external factors of manufacturing industry shows that financial friction has the highest impact on TFP of manufacturing industry.Therefore,the following suggestions are put forward: China must carefully use selective industrial policies,treat different industries,different regions and enterprises with different ownership equally,and reduce unequal protection measures.At the same time,industries need to form industrial chain,complement production factors,share production raw materials,reduce industry monopoly and industry barriers,and promote the free flow of resources among industries.With the continuous increase of total output value and the continuous reduction of production costs,TFP will be improved.