Research On The Efficiency Of Resource Allocation In Chinese Industries

At present,China’s economy has shifted from a stage of high-speed development to a stage of high-quality development,and the economic development mode has gradually shifted from extensive to intensive development.The driving force of economic growth has shifted,labor dividends have disappeared,and capital has shown a state of diminishing marginal output.Technological progress and rational allocation of resources have become strong support for efficient and efficient economic development.At present,China’s science and technology development is rapid,and the efficiency improvement of output brought by technological progress has become the main reason for economic efficiency growth.However,after 2008,the growth rate of China’s total factor productivity has significantly decreased,and some industries’ technological efficiency has not been improved,leading to bottlenecks in technological progress.In this regard,we need to deepen the supply side structural reform,study the efficiency of resource allocation,achieve optimal allocation of factors,improve the quality and quantity of economic growth,and provide a fundamental foundation for the improvement of industry technological efficiencyOn the basis of previous research,the article adopts two different methods to study the efficiency of resource allocation among industries in China.Firstly,using industry total factor productivity as a measurement indicator,the OP covariance decomposition method was used to analyze the overall efficiency of resource allocation between the economy and three industries.The industry decomposition values were averaged over time series to identify the main sources of resource misallocation among the three industries。At the same time,the fundamental source of changes in the efficiency of industrial resource allocation was explained.Secondly,conduct quantitative testing on the decomposition results.The random effect model is used to verify the development trend of the factor allocation efficiency obtained from the decomposition of OP covariance,and time is used as a dummy variable to test the robustness of the measurement model.Secondly,based on the HK analysis framework,this paper constructs a multi sector general equilibrium theory model,proposes that the existence of price distortions in the factor market will lead to the existence of resource misplacement,defines the factor relative distortion coefficient,measures the gap between the industry’s actual factor allocation and the theoretical factor allocation share,and then brings the actual share of the industry’s factor allocation represented by the relative distortion coefficient into the original model,Measure the gap between theoretical and actual output gaps caused by factor misplacement,as well as its contribution to economic growth efficiency.Based on the empirical research in this article,the conclusion is:(1)The efficiency of resource allocation in China has a hindering effect on economic growth.From the analysis results of the two paths,it can be seen that the overall efficiency of labor allocation in China’s economy currently hinders economic growth,while the efficiency of capital allocation promotes economic growth.However,the hindering effect of labor misplacement on economic development is far greater than the promoting effect of capital allocation.Therefore,overall,the unreasonable allocation of resources in China has a negative effect on economic growth.(2)The efficiency of factor allocation in China was on a downward trend from 2004 to 2018.The allocation efficiency of labor and capital in OP covariance decomposition shows a decreasing trend.When calculating the gap between actual output and theoretical output in the parameter method,it was found that the gap between actual output and theoretical output is constantly increasing,the output gap is increasing,and the efficiency of factor allocation is showing a downward trend.The main reason for this phenomenon is that in recent years,China’s economic growth has relied on a large amount of resource investment,and although the absolute efficiency of resource allocation has improved,the relative allocation efficiency is not optimistic,The extensive economic development mode neglects the issue of resource allocation efficiency,resulting in a large amount of resource waste.However,although there are certain problems in China’s resource allocation at present,it further demonstrates the high potential development level of our country,and the effective improvement of resource allocation efficiency will greatly improve the level of economic growth.(3)Low skilled labor demand industries such as wholesale and retail,construction,and other industries have an excessive allocation of labor,while information transmission,computer services,software,finance,and real estate industries have insufficient allocation of labor factors.This is mainly because China’s service industry has developed into "de agriculture" rather than de industrialization,and the overall education level of labor in the service industry is low,resulting in a shortage of high-tech talents,Due to the insufficient allocation of labor force in the productive service industry and the excessive allocation of labor force in the consumer service industry,China should continue to increase investment in hightech talents and improve the overall level of education.Especially for some labor personnel who are already in the service industry,certain skill training should be provided to improve the overall output level of the service industry.(4)The real estate industry,water conservancy environment,and public facility management industries have a trend of decreasing capital factor allocation efficiency,which is mainly influenced by national macroeconomic regulation.The development of the real estate industry has driven the development of a series of industries and has a certain stabilizing market effect.However,a large amount of investment in water conservancy environment and public facility capital belongs to public goods investment,and its output benefits are not high,but the hidden welfare far exceeds its actual benefits.