湖北大学商学院 湖北武汉 430062
Abstract：On February 19, 2016,。
Zhou Xiaochuan said at the 2016 annual meeting of the China Economic 50 Forum that supply-side reforms should more eliminate price distortions to promote structural reforms. In the context of the new normal of China's economy, economic reforms have entered the deep-water zone, and the negative effects brought about by some structural problems have gradually emerged, and have affected the sustained and stable development of China's macroeconomics on a macro level. As one of the important mechanisms of the market, the factor price mechanism will inevitably have a profound impact on all aspects of economic operation. Issues such as industrial structure and distortion of factors have become unavoidable topics. This article analyzes the reasons for factor price distortions and summarizes the effects of factor market distortions on product structure reform, manufacturing, export trade, and service industries.
Keywords：Factor market distortion; industrial structure; export trade
1 The concept of factor market and factor price distortion
In today's economic development, product prices are basically in a normal state and regulated by the market, but there is a high degree of distortion in the allocation of factors in the factor market. The gap between reality and theory is the factor price distortion.
Factor market distortion is a broader concept than factor price distortion. Generally, factor market distortion includes two core concepts of factor price distortion and factor mismatch. Factor market distortion usually means that in the production factor market, due to the imperfect market, it is unable to accurately provide factor price signals or other non-market factors, the market cannot complete its self-improvement and control functions, and the state of optimal resource allocation is biased, resulting in efficiency losses. The phenomenon. Factor price distortion is the deviation of factor price from its opportunity cost due to imperfect market system, which will cause the non-optimal allocation of factor production resources in the operation of the national economy.
The factor prices formed under the imperfectly competitive market cannot accurately reflect changes in supply and demand. This is the factor price distortion.
When factor price distortion exists, companies cannot choose their own industries and technologies based on comparative advantage, which leads to distortion of factor resource allocation, which will change economic structure and resource allocation efficiency. This is factor mismatch.
2 Literature review on factor market and factor price changes
Gai Qingen, Zhu Xi, Cheng Mingwang et al. (2015) pointed out that the distortion of the factor market may not only make the enterprise resource allocation improper, but also prevent more efficient enterprises from entering the market. By monopolizing market conditions, the enterprise production function and factor demand function Study how to reduce the distortion faced by enterprises in the factor market, which will improve the efficiency of resource allocation and total factor productivity, thereby promoting economic growth. The author's research also has some shortcomings: First, the model's assumptions are strong. This study assumes that companies use a CD production function with constant returns to scale, which needs to be further relaxed in the future to make it more realistic. Second, this paper mainly studies the static impact of factor market distortions on enterprise entry and exit decisions, and the factor market distortions are Exogenous. In the future, when the allocation of research resources is not appropriate, you can consider dynamic and endogenous existing models.
Chen Pengyu (2016) adopted a C-D model containing energy elements for capital and labor from 1980 to 2006. Research on the impact of energy on changes in the industrial structure has verified capital, and energy factors have a significant impact on the industrial structure, but the labor factor has the most obvious impact. Therefore, the adjustment of China ’s industrial structure cannot be directed only at the mandatory adjustment or policy of different sectors within the industry In planning, we must pay special attention to the continuous deepening of the reform of the factor market and relax market access, so that the market mechanism can play its due role in the pricing and allocation of factor resources, guide enterprises to actively transform, and then promote the optimization and upgrading of the industrial structure. A shortcoming of this paper is that there is only one model equation for the industrial structure, but the structural equations for different industries may be different, so it needs to be improved on this basis.
Zhong Ren (2017) used 2011-2015 A-share listed manufacturing companies to conduct overall price distortion research and research on these enterprises divided into three types of ownership: state-owned enterprises, private enterprises and foreign-owned enterprises. The authors used the marginal output of factors The price divided by the factor represents the degree of distortion of the factor. Finally, it is concluded that for a country with an economic transformation like China, private enterprises have gradually developed into one of the pillars of the country. China should liberalize markets and financial controls, speed up the reform of state-owned enterprises, relax household registration and increase the mobility of urban and rural labor, thereby alleviating our country The manufacturing factor market distorts the status quo, improves the inefficiency of resource allocation and production development, and contributes to the steady and rapid economic development.
Zhang Jianping and Li Xing (2017) based on the market price distortions of the three factors of land, capital and labor, discussed the relationship between factor price distortions and the development of the service industry, and selected 30 regions in China (excluding Tibet Autonomous Region) from 2002 to 2014. Data from 14 industries, using the SYS-GMM method, empirically analyzes the impact of China's factor market price distortion on the development of the service industry. The results show that: China's factor price distortion will inhibit the development of the service industry, after controlling other variables , The results are still robust and effective. After further dividing the service industry into productive service industry, consumer service industry and public service industry, the effects of factor price distortion on the three types of service industry are tested separately. The results show that: factor price distortion has an impact on producer service and public service The development of the industry has a significant impact, but there is no impact on the consumer service industry.
Wu Jianwei (2017) first analyzes the overall industry, capital and labor prices of various industries. According to the 2005-2014 factor distortion and service industry export research, it is concluded that the impact of factor price distortion on China's service export trade growth is significantly positive, this is because The greater the negative distortion of factor prices, the greater the profit margin of the enterprise, and thus the stronger the ability to overcome export-related costs, the easier it is for enterprises to export. The author suggests that China should strengthen its international competitiveness in terms of innovation and brand culture, reduce excessive dependence on low-cost, low-cost, and increasing trade growth models, increase trade earnings, and promote healthy and long-term development of trade. Continuously deepen the reform of the factor market and change the government-led distribution model.
Ni Heyongle (2017) conducted a review of the impact of factor price distortion on export trade for different research focus on factor price distortion at home and abroad. In foreign countries, most scholars believe that distortions reduce the efficiency of resource allocation, which in turn reduces productivity, and will also dampen the enthusiasm of enterprises to increase productivity. At home, this mainly focuses on how factor price distortions affect exports and whether they promote domestic exports. I think the difference between the two studies lies in the different national conditions at home and abroad. Under the rapid development of China's economy, China has become an exporter country, so the research may be different.
Tang Zhe (2017), in the literature review of the impact of factor market distortions on corporate innovation, separately stated that the labor factor market distortions are because the real income of laborers is lower than the equilibrium wage determined by the marginal productivity of laborers. The distortion of the capital factor market is because if the government intervenes in interest rates so that the benchmark interest rate deviates from the market rate, there is a distortion of the capital factor market. Market distortions such as land factors are due to low prices on government-owned land and leased land for foreign companies. In turn, the distortion of the factor market has led companies to neglect innovation, corporate rent-seeking, and virtual economic investment squeeze innovation investment. Therefore, we should use supply-side reform and reform to develop emerging industries and suppress the development of the real estate industry.
Hu Lang (2018) first discussed the meaning of factor market distortion and price distortion, and then used four production function methods (CD, beyond logarithmic production function, alternative elasticity method, time-varying elasticity method), and cutting-edge technology analysis methods (including Parametric frontier analysis and data envelopment analysis), and shadow price method to measure the distortion of capital and labor market respectively. The method of obtaining time-varying elasticity is very different from other methods in measurement. Finally, the author concludes that other scholars talked about the impact of factor prices on industrial structure, consumption, investment and exports, and concluded that the marginal output of domestic capital is mainly from rising to falling, which shows that investment can stimulate in the short term The economy is growing rapidly, but the long-term stimulus effect on the economy has declined, which also means that investment cannot always be used to stimulate the economy. China's economic growth model mainly relies on investment, mainly government-led infrastructure investment. From a regional point of view, the price distortions of various factors in the eastern, central and western regions are different. The degree of factor price distortions in each region mainly presents a negative distortion, and the price distortion of capital factors in various regions is significantly higher than that in each region The degree of labor factor price distortion. This article has comprehensive research methods and a wide range of research.
Luo Zhi and Liu Weiqun (2018) studied the causes of factor price distortion from the perspective of state-owned enterprises. On the one hand, financial repression and ownership discrimination have allowed state-owned enterprises to obtain a large amount of capital at prices below market interest rates, which has exacerbated the negative distortion of capital prices; on the other hand, due to the social security provided by state-owned enterprises, the function of income regulation, and the union ’s The effect will cause the labor price of state-owned enterprises to be higher than that of non-state-owned enterprises, but it may improve the negative distortion of labor prices. The capital price distortion and labor price distortion indexes of 171 three-digit industries are measured. Empirical studies have found that the higher the proportion of state-owned enterprises, the more severe the capital price distortion is, but the smaller the labor price distortion.
Yu Jian, Fang Fuqian, Cheng Dong et al. (2018) based on steady-state numerical calculations show that factors such as consumption structure upgrades and factor price distortions have positive effects on agricultural labor transfer to varying degrees. When all factors change 0.1 units at the same time, the consumption structure upgrade has the greatest impact on the transfer of agricultural labor, at 4.63%, followed closely by inter-sectoral capital rent distortions and sectoral technological advances, and inter-sectoral wage distortions have the most impact Weak, only 0.84%.
参考文献
[1]盖庆恩,朱喜,程名望等.要素市场扭曲、垄断势力与全要素生产率[J].经济研究,2015,50(05):61-75.
[2]陈朋裕.要素价格扭曲、产业结构优化与市场准入放宽[J].经济问题,2016(08):42-45.
[3]仲任.中国制造业要素价格扭曲研究——来自A股制造业上市公司的经验数据[J].科技与管理,2017,19(03):41-47.
[4]张建平,李杏.中国要素市场价格扭曲对服务业发展的影响研究[J].南京财经大学学报,2017(06):98-108.
[5]武建伟. 要素价格扭曲对中国服务业出口增长的影响[D].天津财经大学,2017
[6]倪何永乐.要素价格扭曲对出口贸易影响研究综述[J].市场研究,2017(04):23-25.
[7]汤哲.要素市场扭曲对企业创新的影响文献综述[J].现代商贸工业,2017(30):39-40.
[8]胡浪. 中国要素价格扭曲测度及分析[D].浙江工商大学,2018.
[9]罗知,刘卫群.国有企业对资本和劳动价格扭曲的非对称影响[J].财经研究,2018,44(04):34-46+129.
[10]俞剑,方福前,程冬等.消费结构升级、要素价格扭曲与中国农业劳动力转移[J].经济评论,2018(01):47-61.
作者简介：张玲玲（1995-），女，汉族，贵州遵义人，湖北大学商学院企业管理专业，硕士研究生，研究方向：物流与供应