Misallocation from Chinese Business Group

In China, many firms are forming or have formed business groups successively. The difference in resource allocation between groups is even more significant than between firms, which may lead to severe misallocation. To verify it, we extend a model on the basis of Hsieh and Klenow (2009) to calculate the Chinese manufacturing sector level TFP, which contains firm, group, and industry level distortions, then use the data of listed firms to estimate TFP gains by removing different level distortions. We find that group level distortions are more critical than firm and industry level distortions for the Chinese manufacturing sector. Therefore, misallocation at the group level is an essential factor hindering the improvement of TFP in China's manufacturing sector. In addition, we try to explore the source of misallocation at the group level and find the difference in ownership, age, and scale is the primary source.在中國，很多企業正在或已經形成了一個又一個的企業集團。集團之間資源配置的差異甚至比企業之間更嚴重，因此導致了更嚴峻的資源錯配。為了驗證這一點，我們擴展了Hsieh and Klenow(2009)的模型來計算中國製造業部門包含企業、集團和行業層面扭曲的TFP，然後用上市公司數據來計算了移除不同層面扭曲後的TFP增益。我們發現，對於中國的製造業部門來說，集團層面的扭曲比企業和行業層面更重要。因此，集團層面的資源錯配可能是阻礙中國製造業部門TFP增長的重要因素。此外，我們嘗試探究集團層面資源錯配的來源，發現所有製、年齡和規模的差異是其主要來源。GU, Wei.M.Phil. Chinese University of Hong Kong 2021.Includes bibliographical references (leaves )Abstracts in English and Chinese.Title from PDF title page (viewed on ...