Factor Market Distortions, Capital Bias and Total Factor Productivity of Energy Enterprises

Abstract

Abstract: The existing literature unilaterally emphasizes the negative effect of distortion, without regard to the particularity of industry. Based on the Hsieh & Klenow model, this paper introduces capital bias and discusses the impact of factor market distortion on the total factor productivity (TFP) of energy enterprises. The results show that the distortion of capital market affects the TFP of energy enterprises in such a benign manner that every 1% increase of capital distortion will lead to a 1.43% increase in the TFP of energy enterprises, while labor force distortion restricts the TFP of energy enterprises, as evidenced by the fact that every 1% decrease of labor force distortion will increase the TFP of energy enterprises by 4.33%. The effect of factor market distortion on TFP is heterogeneous, which is rooted in the nature of enterprises, industry characteristics and location factors. The “counterfactual” framework points out that after eliminating the distortion of capital and labor, the TFP of energy enterprises will increase by about 51.8259% and 9.8093%, respectively.

Key words: total factor productivity of energy companies, factor market distortions, capital bias

Xiao Jianzhong, Peng Jiachao, Cheng Sheng. Factor Market Distortions, Capital Bias and Total Factor Productivity of Energy Enterprises[J]. Management Review, 2023, 35(4): 27-41.

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