【主讲】Zheng (Michael) Song 助教授 (University of Chicago, Booth School of Business)
【主题】A Structural Estimation on Capital Market Distortions in the Chinese Manufacturing
【时间】2012年6月12日 (周二) 15：30-17：00
【地点】上海财经大学经济学院楼801室
【语言】英文
【摘要】Capital market distortions lower aggregate productive efficiency by misallocating resources. The existing literature infers such distortions from the dispersion of the average revenue product of capital. However, the methodology is subject to a set of identification issues: unobserved heterogeneities in production technology and market power, capital adjustment costs with idiosyncratic shocks, and measurement errors in the data. This paper develops a structural econometric approach of identifying and estimating capital market distortions in environments where all the above elements can be present. Using a representative firm-level data in the Chinese manufacturing from 2004 to 2007, we find a magnitude of distortions that is smaller than that in the literature but still substantial. Capital market distortions imply aggregate revenue total factor productivity losses of 40% in the Chinese manufacturing. We also estimate distortions in a comparable sample of Compustat firms. Improving capital allocation efficiency in the Chinese manufacturing to the level among the Compustat firms would increase China's manufacturing output by 31%. Finally, we present empirical evidence that firm size, age, ownership and political connections can significantly affect capital allocation in the Chinese manufacturing.
