摘要
针对近年来我国经济转型升级中出现的新一轮资本深化所引发的担忧与质疑,利用2007-2011年370家民营上市公司的经营数据,在CES型生产函数的基础上,通过门槛面板模型实证检验资本深化、替代弹性与劳动生产率之间的非线性关系。结果表明,新一轮转型升级所推动的资本深化进程,并没有出现传统理论所预言的劳动生产率下降的现象。原因在于替代弹性大于1,资本深化通过"德拉-格兰德维尔效应"和"卡尔多-凡顿效应"促进了劳动生产率的提高。只有当替代弹性小于1时,"金融深化效应"对劳动生产率的负面影响才逐渐显现。
With regard to some doubts about the new round of capital deepening due to China＇s economic transformation and upgrading in recent years, this article empirically studies the non- hnear relationship a- mong capital deepening, substitution elasticity and labor productivity, by use of panel threshold model and micro - management data from 370 private listed companies in 2007 - 2011. The results show there is no de- cline in labor productivity as traditional theory predicts. Because the substitution elasticity is greater than 1, capital deepening promotes the improvement of labor productivity through De La- Grandville effect and Kaldor- Verdoom effect. Only as the substitution elasticity is less than 1, its negative impact on labor pro- ductivity appears due to financial deepening effect.
出处
《财经科学》
CSSCI
北大核心
2013年第9期40-50,共11页
Finance & Economics
基金
教育部人文社会科学青年基金项目"通货膨胀对我国工业经济运行效率的影响机制
效应与对策研究"(11YJC790205)
广东省自然科学基金博士启动项目"通货膨胀对广东工业经济运行效率的影响与对策研究"(S2011040000414)的阶段性成果之一
