(Basuetal) (Petrn dtfp = P dq - andsvadasun) P LdL - P KdK (2) [7][8][9][10] (2) dtfp ωεl ( ( ) = 1-u L )dl + ωεk ( 1-u K )dk + ωdz ( (3) ) ; ( ω = PQ

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1 * [ ] (PetrnandLevnsohn) [1] ; 3.24% 26.63% [ ] ; ; ; (Balyetal) (GrlchesandRegev) (OleyandPakes) (Fosteret al) (MeltzandPolanec) [2][3][4][5][6] ( ) (Hulten) (BasuandFernald) * quyue@cass.org.cn; (2014 ) (2015 ) (13BJY036) ( ) 40

2 (Basuetal) (Petrn dtfp = P dq - andsvadasun) P LdL - P KdK (2) [7][8][9][10] (2) dtfp ωεl ( ( ) = 1-u L )dl + ωεk ( 1-u K )dk + ωdz ( (3) ) ; ( ω = PQ 1 P Q ) P ;u L = u K = Q L ( P K P ) Q K 1 1 (3) ( ) (Solow) Q = dtfp ωεl ( = u珔 L -u L )dl Q ( L K Z ) Q L K Z + ωεk ( u珔 K -u K )dk + ωεl ( 1- u珔 L )dl ;εl εk P L dq = Q L dl + Q K dk + Q Z dz (1) + ωεk ( 1- u珔 K )dk + ωdz (4) u珔 L u珔 K u L u K 41

3 RE ωεl ( = u珔 L -u L )dl + ωεk( u珔 K - u K )dk ( ) AD = ωεl(1 - u珔 L )dl + ωεk(1 - u J 1 u珔 K )dk ( ) ( ) S 0 ( ) S (P MPL -P L )dl 0 + TE = ωdz 1 MPK -P K )dk 0(P P MPL ;P L P MPL P L (P MPL -P L ) 2 3 t WL t = 1 (P t MPL t -P Lt)L t VA t 1 [1] [5] (Balyetal) (GrlchesandRegev) [2][3] [8][9] (P/MC) u j

4 + 1 (P t MPK t -P Kt)K t VA t = ωtεlt(1-u Lt )+ ωtεkt(1-u Kt ) (5) ( ) ( 90% ) (Brandtetal) WL MEt ωtεlt = u珔 Lt -u Lt + ωtεkt 珔 u Kt -u Kt (6) WL ADt = ωtεlt 1- 珔 u Lt + ωtεkt 1- 珔 u Kt (7) WL t =WL MEt +WL ADt (8) [1][8][9] ( ) [11][12] ; ( ) OLS (FE) (IV) % 1.38% 43

5 1 lnrva lnl lnl2 lnl3 lnk RVA ;L ;K ; L2 ;L3 L2 L L2 L3 L3 L L L3 1 (Ackerbergetal) ( OP LP ) [14] (Wooldrdge) ( WLP ) (GMM) [4] [15] 42% ; GMM OP LP WLP (LevnsohnandPetrn) ( OLS LP ) [13] OP OP LP ( ) Tornqvst-Dvsa (4) 44 1 FE ;IV

6 Δtfpt =RE +AD +TE = J=LK ω a tε a Jt ( u珔 a Jt -u a Jt )Δjt + J=LK ω a tε a Jt ( 1- u珔 a Jt )Δjt + S ω a tδz t (9) % a ;Δ ;s 73.39% ( ) [16] (Krugman) (Young) 2 WLP [17][18] 2 (%) dtfp TE RE RE L RE K AD AD L AD K RE RE L RE K AD ; AD L AD K dtfp=te+re+ad;re=re L+RE K;AD=AD L+AD K 3.24% % [19] 45

7 1 ( ) 17.94% OLS 5% % 12.10% WLP OLS WLP OLS WLP OLS ; WLP OLS WLP 2 WLP 2. (1) [20] OLS ; WLP 0.15 OLS WLP (2) WLP Δtfpt = ω a tδqt - ω a ts a LtΔl t - ω a ts a KtΔk t (10) 10.25% 22.77% % 28.89% 23.33% WLP ( ) OECD htp//stats.decd.org/lndex.aspx Querg- Name=426 & QueryType=Vew & Lamg=en# WLP OLS ; 2004

8 ( ) 14.75% ( 3) [22] % % ; 61.38% % [21] % 3 WL WL MA MA L MA K WL AD AD L AD K WL ;WL MA ;MA L MA K ;WL AD ;AD L AD K 47

9 ( ) % 74.65% 2004 (Zhangetal) 2004 [22][23][24] % ( ) 2810 [25] (4) ; ; ; ; 48

10 4 UCL PFL ( ) UCL PFL ( ) UCL PFL ( ) UCL PFL ( ) UCK PFK UCK PFK UCK PFK UCK PFK PFL ;PFK ; ; ; % % % 49

11 % ( ) % ( ) % %; 18% 23.37% % % htp//data.worldbank.org/ndcator/ny.gtng.pcap.cd Ocatons=CN

12 [1]A.PetrnJ.Levnsohn.MeasurngAggregateProductvtyGrowthUsngPlant-levelData [J].RANDJournalof Economcs (4). [2]M.N.BalyC.HultenD.Campbel.ProductvtyDynamcsn ManufacturngPlants [Z].BrookngsPaperson EconomcActvty(Mcroeconomcs)1992. [3]Z.GrlchesH.Regev.Frm ProductvtynIsraelIndustry [J].JournalofEconometrcs rca (6). [5]L.FosterJ.HaltwangerC.J.Krzan.AggregateProductvtyGrowthLessonsfrom McroeconomcEvdence [Z].NBER WorkngPaperNo [6] M.J.MeltzS.Polanec.Dynamc Oley-pakes Productvty Decomposton wth Entryand Ext [Z].NBER WorkngPaperNo [7]C.Hulten.GrowthAccountngwthIntermedateInputs [J].RevewofEconomcStudes [8]S.BasuG.J.Fernald.Aggregate Productvtyand Aggregate Technology [J].European Economc Revew [9]S.BasuL.PascalF.SchantarelL.Servén.Productvty WelfareandRealocatonTheoryandFrm-level Evdence [Z].NBER WorkngPaperNo [10]A.PetrnJ.Svadasan.EstmatngLostOutputfrom AlocatveInefcencywthan ApplcatontoChleand FrngCosts [Z].NBER WorkngPaperNo [11]L.BrandtV.J.BesebtoeckY.Zhang.Creatve AccountngorCreatveDestructon Frm-levelProductvty GrowthnChneseManufacturng [J].JournalofDevelopmentEconomcs (2). [12] [J]. ( ) 2013(3). [13]J.LevnsohnA.Petrn.EstmatngProductonFunctonsUsngInputstoControlforUnobservables [J].Revew ofeconomcstudes (2). [14]D.AckerbergK.CavesG.Frazer.StructuralIdentfcatonofProductonFunctons [Z].UnverstyLbraryof MunchGermanyMPRA PaperNo [4]S.OleyA.Pakes.TheDynamcsofProductvtyntheTelecommuncatonsEqupmentIndustry [J].Economet- [15]M.J.Wooldrdge.OnEstmatngFrm-levelProductonFunctonsUsngProxyVarablestoControlforUnobserv- ables [J].EconomcsLeters (3). [16]. [J]. 2016(3). [17]P.Krugman.TheMythofAsa smracle [J].ForegnAfars (6). [18]A.Young.LessonsfromtheEastAsanNICsA ContrarantVew [J].EuropeanEconomcRevew [19]. [J]. 2013(6). [20] [J]. 2014(2). 51

13 [21]. [J] (11). [22]. [J]. 2013(1). [23]. [A].. NO.8 [C] [24]X.ZhangJ.YangS.Wang.ChnaHasReachedtheLewsTurnngPont [J].ChnaEconomcRevew (4). [25]. [J]. 2009(9). ( ) MISALLOCATIONAGGREGATEDISTORTIONAND WELFARELOSS APerspectveofTFPDecompostonBasedonUntFactorCost QU Yue 1 CHENG Wen-yn 2 (1.InsttuteofPopulatonandLaborEconomcsChneseAcademyofSocalScences; 2.SchoolofPublcPolcy & ManagementTsnghuaUnversty) Abstract WeextendproductvtydecompostonmodelofPetrnetalbyntroducnguntfactorcost andobtanamoreaccuraterealocatonefect.emprcalresultscalculatedwthchna sabove-scalendus- tralfrmdata ( )suggestthatdurngthesampleperodtechncalefectandaggregateds- tortonexplanmostofaggregateproductvtygrowthwhlerealocatonefectonlycontrbutes3.24% andcomestonearzero.howeverwelfarelossfrom msalocatonaccountsforabout26.63% ofmanufac- turngvalueadded.theseevdencesndcatethatt snexttompossbletomprovealocatondependsonly onmarketmechansmunderexstngsystemandtheeconomcstructureseemstobeunchangeable.fur- therrealocatonshouldcomefromthereformofexstngeconomcstructurewhchhelpsalevatemsal- locaton.fnalywecomputethepotentalofrealocatonneachregonandthusprovdeaquanttatve referencefortheoptmzatonofregonalstructure. Keywordsuntfactorcost;aggregateproductvtygrowth;msalocaton;welfareloss 52

TFP TFP HK TFP Hseh Klenow HK 9 8 TFP Aok TFP Aok 10 TFP TFP TFP TFP TFP HK TFP 1 Y Y CES θ Y 1 TFP HK θ = 1 θ

TFP TFP HK TFP Hseh Klenow HK 9 8 TFP Aok TFP Aok 10 TFP TFP TFP TFP TFP HK TFP 1 Y Y CES θ Y 1 TFP HK θ = 1 θ 1992-2015 315211 TFP 1992-2015 TFP 9. 71% TFP 8. 62% TFP 0. 86% 2003 2008 2015 50% 40% F249. 2 1002-3054 2018 01-0057-10 A DOI 10. 13262 /j. bjsshkxy. bjshkx. 180105 TFP 1 3 TFP 2 2015 12 4-6 2017-08-20