The essence of economic growth is the continuous improvement of productivity。The channel for a country to achieve productivity growth is two，That is, the rise in the average productivity of the enterprise and the improvement of the efficiency of resource allocation。The so -called "improvement of resource allocation efficiency"，Essentially realizing "everything is used，People do their best "。But currently，There are still many obstacles in the flow of production factors in my country，Factors cannot give full play to the orientation of allocation of resources。At the same time，With a new round of scientific and technological revolution and industrial change，The digital economy can develop rapidly，Its market concentration continues to increase，As a result, industry monopoly and unfair competition。So，The arrival of the era of digital economy also raises new problems and challenges to the optimized allocation of resources。

Generally speaking，Twist of distortions that affect the efficiency of resource allocation can be divided into three categories: product market twist、The first type of factors market distortions and the second type of factors market twist。where，Product market distortions are caused by the company's monopoly forces in the product market，The first type of factors market distortions refer to the deviation of the price of factor prices and its marginal product income，The second type of factors market distortions refer to the same elements in different areas、Price differences in the elements of industry and enterprises。The causes and impacts of these three types of distortions are completely different，It is necessary to distinguish and distinguish。

Product market distortions can also be called "cost bonus rate distortion"，Differences from the cost bonus rate of different Bet365 lotto review enterprises。Specifically，High -cost addition rate Enterprise output is often lower than the optimal output of society，and low -cost addition rate Enterprises are manifested as "excessive production"。What needs to be noted is，Although monopoly usually leads to insufficient product supply，But from the perspective of the overall social perspective，If only one product is produced at this time，Monopoly will bring "income distribution twist"，But it will not cause loss of resource allocation efficiency。specific，Since the factor market is clearing，The result of the monopoly is that the company obtains all consumers remaining，and lower the salary to the "survival level"。From the perspective of social welfare，Monopoly companies get all the remaining profits，The government can change the income distribution status through transfer payment，But it cannot further increase yield。But，Transfer payment will lead to the separation of the income from the workers from its "labor supply"，This causes the number of labor and insufficient supply of human capital。In order to distinguish between "distortion of resource allocation"，I call it "income distribution twist"。

The first type of factors market distortions refer to the marginal product income that cannot reflect the factor price。When the price of the element is lower than the marginal contribution of the element，The number of products produced by enterprises will be lower than the optimal output of society;，That is "excessive production"。Visible，The essence of this distorted is the deviation of the company's maximum profits.。The cause of the unable to maximize the profit of the enterprise is: one is "internal conflict of the organization"。For example, the existence of "entrusted agency issues", "bargaining" or other targets，The goal of the enterprise is not just the maximum profit，but the maximum profit、Maximum output、Weighted average of multiple goals such as investment maximum investment and maximizing employment。The second is the "supply and demand gap"。Under the condition of a given element，The bet365 Play online games supply volume of the element may be limited。For example，The loan obtained by the company will be affected by "credit distribution"。Except for capital，Professional and technical staff、Core parts and land supply also face similar restrictions。

The second type of factors market distortions refer to "non -equalization of factor prices"。Whether it can be separated according to the place of residence and consumption，"Non -equalization of factors" can be divided into two situations: "nominal price is not equal" and "actual price non -equalization"。Although in a certain area、Industry and Enterprise，The price of the element can reflect its marginal contribution，But in different regions、The price of the elements between the industry and the enterprise remains different。This type of distortions are usually caused by element flow barriers。

In order to study the impact of resource allocation on China's economic growth，One of the first tasks is to measure the efficiency of resource allocation。proof based on HSIEH and Klenow (hereinafter referred to as HK)，In the case of effective allocation of resources，The marginal product income of each enterprise should be equal，Under the condition of removal of scale，The income of the marginal product is equal to the income productivity of the enterprise。So，You can use the income production rate to measure the degree of distortion of the factor market faced by the company。According to HK's calculation results，The removal of distorted resource allocation can increase China's total output by 86.6%-115%。For the first part of the papers for quantitative calculation of resource allocation efficiency，This article has caused a strong response at home and abroad.，and become the most influential literature in this field。，Almost all literatures that have studied resource allocation efficiency use income productivity to measure the factor market。

but，The establishment of the HK indicator needs to meet a series of strict assumptions。When these assumptions are not established，Income productivity cannot be used to measure factor bet365 live casino games market twist。specific，HK can theoretically proves that the following formula is as follows: income productivity is equal to cost bonus、The first type of factors market distorted and factor prices。What needs to be noted is，HK introduced three assumptions during the calculation process: (1) the company's cost increase rate is the same;。where，Suppose (1) means that HK's framework is only suitable for industries with the same cost bonus rate; assumes (2) means that the HK indicator is only suitable for industries with the same factors。Subsequent documents when applying HK indicators，Often ignoring these important assumptions，A lot of misunderstandings and conclusions that have misunderstandings and "specious"。Below，The author will focus on some common misunderstandings in the research of resource allocation efficiency。

Misunderstanding 1: The difference in income productivity of the enterprise indicates that there is a policy distortion。

Calculating formula according to the HK indicator，Even if there is no factor market distorted conditions，Enterprise's income productivity may still be different。Due to the higher cost bonus rate of an efficient enterprise，So，High income productivity does not mean that the factor markets facing these companies are more serious，Instead, it reflects higher profit margins。According to the author’s calculation，After eliminating the impact of the cost addition rate，The productivity loss caused by the distortion of the factor market is only about 20%，This is far from the results of HK calculation (86.6%-115%).。

Misunderstanding 2: Trade open and exacerbate China's resource allocation distortion，to bring welfare loss。

The basic argument of this kind of misunderstanding is，China ’s enterprise productivity is lower than domestic enterprises，The reason why these "low -efficiency" companies can export are mainly due to policy subsidies。Open trade has expanded these "inefficient" enterprises that should have withdrawn from the market，This has exacerbated the resource allocation distortion。Bet365 lotto review The theoretical premise is: high -efficiency enterprises face greater factor market twist，and inefficient companies can get more government subsidies。HK theoretical proof，The difference between the average productivity and the benefits of marginal product is inversely proportional。If an enterprise survives in the international market，Not your own low cost and product quality advantage，but government subsidies，So，The decline in tariff means that the marginal income of the enterprise enjoying subsidies is further decreased，This has exacerbated the resource allocation distortion。It is concluded that this conclusion is due to the use of HK index to calculate the factor market twisting。As mentioned earlier，This indicator actually contains product market distortion and first type of market distortion。Once the cost addition rate factors are removed，This conclusion is no longer established。That is to say，The marginal product income of China's export enterprise is still higher than the non -exporting enterprise。So，Open trade not only exacerbated resource allocation distortion，Instead, social welfare。

Misunderstanding 3: HK indicators without differences means that there is no factor market twist。

HK indicator calculates the ratio of the marginal product income to the price of the element，It does not include all twists。specific，We consider two forms of distortions: the first type of factors market distortions are equal wages between enterprises，But the income of marginal products is different; the second type of factors market distortions are different wages between enterprises，But the salary is equal to the benefits of marginal products。HK indicator calculates the first type of element market twist，But it cannot capture the second type of factors market distortion。To focus on depicting two types of distorted differences，Assume that there is no product market distortion，That is to say in the product market，The cost addition rate of the enterprise is constant。At this time，The key difference between these two types of distortions is，For the first type of factors market distortion，Under Bet365 lotto review the existing elements and the middle price，There is a shortage of supply and intermediate investment。So，The labor market is in a "non -balanced" state。In other words，The first type of factor market distorted from the monopoly forces of the buyer or seller of the enterprise in the factor market; for the second type of factors market distortion，The difference between the benefits of factor marginal product has been completely in terms of element price differences，But because of the existence of the cost of adjusting the cost，The price of factors is not equalized。

To sum up，HK index contains the first type of factors market distortions and product market distortion，But it does not reflect the twist of the second type of factors market。Actually，As long as the element price can be adjusted flexibly，Prices in the middle and intermediate investment will naturally rise，and eventually lead to the disappearance of the first type of factors market distorted。But this does not mean that there are no other twists。Imagine the following scenarios: an enterprise urgently needs to recruit employees with a specific skill，If the company does not increase the salary of such employees，So naturally there will be a situation that salary is lower than the value of marginal product。So，To recruit such employees，Enterprises have to raise wages，Therefore, the salary is equivalent to such employees' marginal products of the enterprise。but，When there is information on the labor market、When the element flow and adjust the cost，Raising wages may not be able to recruit enough workers。For example，The household registration system has largely limited the scale of labor flow to large cities，Increasing wages can only attract limited number of workers，Therefore, the wage gap between the big cities and the small cities。At this time，If the company faces a constant cost bonus rate in the product market，Full adjustment of wages means that the HK indicator is equal to 1，There is no first type of factors market distorted。But，The actual salary of the same labor in different cities，It means that the second type of factors market bet365 Play online games distorted still exists。For China，Due to the production factors in the enterprise、There is a liquid disorder between the industry and the region，The impact of the second type of factors market distortions on China's overall resource allocation is particularly important。

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