Factor Marketization, Structural Adjustment and Economic Efficiency

Abstract

Abstract:

The purpose of market-oriented reform in factor market is to make the market mechanism play a decisive role in the allocation of production factors and price formation, facilitate the free flow of capital, labor and innovative elements, and promote economic structural adjustment and economic efficiency. Based on the theoretical model of market-oriented reform promoting economic structural adjustment, we use Chinese provincial panel data from 2001 to 2011 to make an empirical test of the dynamic relationship between market-oriented reform, economic structural adjustment and economic efficiency by the panel vector autoregression (PVAR) method and the impulse response function. The results show that, capital market's reform promotes the allocation optimization of capital within three industries, improves capital productivity, but has no significant effect on the structural adjustment between three industries; although the structural-bonus effect is notable in labor element market, but the changes in the structure of labor input do not come from the market-oriented reform; marketization in technology market stimulates the R&D expenditure structure optimization, promotes more innovative elements to be dominated by enterprises, and thus indirectly promotes the technical progress.

Key words: factor marketization, structural adjustment, economic efficiency, PVAR model

Li Mingshan, Sun Xiaohua, Sun Rui. Factor Marketization, Structural Adjustment and Economic Efficiency[J]. , 2019, 31(5): 40-52.

References

[1] Solow R. M. A Contribution to the Theory of Economic Growth[J]. The Quarterly Journal of Economics, 1956,70(1):65-94
[2] Romer P. M. Increasing Returns and Long-Run Growth[J]. Journal of Political Economy, 1986,94(5):1002-1037
[3] Lucas R. On the Mechanics of Economic Development[J]. Journal of Monetary Economics, 1988,22(1):3-42
[4] Romer P. M. Endogenous Technological Change[J]. Journal of Political Economy, 1990,98(5):71-102
[5] North D. C. Institutions, Institutional Change and Economic Performance[M]. Cambridge:Cambridge University Press, 1990
[6] Roland G. Transition and Economics:Politics, Markets, and Firms[J]. Business Economics, 2001,36(1):601-602
[7] Tridico P. Varieties of Capitalism and Development in Transition Economies Since the Fall of the Berlin Wall[J]. Challenge, 2012,55(3):90-128
[8] BenYishay A., Grosjean P. Initial Endowments and Economic Reform in 27 Post-socialist Countries[J]. Journal of Comparative Economics, 2014,42(4):892-906
[9] Spruk R. Institutional Transformation and the Origins of World Income Distribution[J]. Journal of Comparative Economics, 2016,44(4):936-960
[10] Asatryan Z., Feld L. P. Revisiting the Link Between Growth and Federalism:A Bayesian Model Averaging Approach[J]. Journal of Comparative Economics, 2015,43(3):772-781
[11] Peev E., Mueller D. C. Democracy, Economic Freedom and Growth in Transition Economies[J]. Kyklos, 2012,65(3):371-407
[12] Gang F., Xiaolua W., Guangrong M. The Contribution of Marketization to China's Economic Growth[J]. China Economist, 2012,7(2):4-14
[13] 王文举,范合君. 我国市场化改革对经济增长贡献的实证分析[J]. 中国工业经济, 2007,(9):8-11
[14] 孙晓华,李明珊,王昀. 市场化进程与地区经济发展差距[J]. 数量经济技术经济研究, 2015,32(6):39-55
[15] 吕朝凤,朱丹丹. 市场化改革如何影响长期经济增长?--基于市场潜力视角的分析[J]. 管理世界, 2016,(2):32-44
[16] 钱忠好,牟燕. 中国土地市场化水平:测度及分析[J]. 管理世界, 2012,(7):67-75
[17] 钱忠好,牟燕. 土地市场化是否必然导致城乡居民收入差距扩大--基于中国23个省(自治区,直辖市)面板数据的检验[J]. 管理世界, 2013,(2):78-89
[18] 詹新宇. 市场化,人力资本与经济增长效应--来自中国省际面板数据的证据[J]. 中国软科学, 2012,(8):166-177
[19] 田涛. 人民币汇率制度变迁对我国短期资本流动的影响--基于汇率预期与汇率波动的视角[J]. 管理评论, 2016,28(6):65-75
[20] 姜付秀,黄继承. 市场化进程与资本结构动态调整[J]. 管理世界, 2011,(3):124-134
[21] 代光伦,邓建平,曾勇. 金融发展, 政府控制与融资约束[J]. 管理评论, 2012,24(5):21-29
[22] 孙早,刘李华,孙亚政. 市场化程度,地方保护主义与R&D的溢出效应--来自中国工业的经验证据[J]. 管理世界, 2014,(8):78-89
[23] 郑若谷,干春晖,余典范. 转型期中国经济增长的产业结构和制度效应-基于一个随机前沿模型的研究[J]. 中国工业经济, 2010,(2):58-67
[24] 刘伟,张辉. 中国经济增长中的产业结构变迁和技术进步[J]. 经济研究, 2008,(11):4-15
[25] 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, 2016,8(9):42-55
[26] 郑若谷,干春晖,余典范. 中国产业结构变迁对经济增长和波动的影响[J]. 经济研究, 2011,(5):4-16
[27] 国家计委市场与价格研究所课题组. 我国经济市场化程度的判断[J]. 宏观经济管理, 1996,2(5):21-23
[28] 陈宗胜,吴浙,谢思全. 中国经济体制市场化进程研究[M]. 上海:上海人民出版社, 1999
[29] 樊纲,王小鲁,张立文,等. 中国各地区市场化相对进程报告[J]. 经济研究, 2003,(3):9-18
[30] 干春晖,郑若谷. 改革开放以来产业结构演进与生产率增长研究--对中国1978-2007年"结构红利假说"的检验[J]. 中国工业经济, 2009,(2):55-65