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• W2384394124 abstract "Nowadays,improving productivity is crucial to China's industrial transformation and upgrading,and the sustainable growth of China's economy as well.According to the statistics,the average expenditure grew up to 23.8 percent over 2006~2010,comparing to 18.5 percent for the period 2000~2005.In 2010,China became the third largest expenditure country in the world.Moreover,China possesses the largest amount of personnel in the world in 2010.Nevertheless,many researchers argue that China's TFP growth rate declined rather than accelerated since the middle of 1990s.An important and interesting question is why the substantial growth of investment failed to promote the improvement in the TFP growth,as the policy maker had expected? To fully explain this paradox,we should answer the following two important empirical questions: what are determinants of TFP growth? And,what is the mechanism of these factors affect TFP? This current paper tries to explore the paradox between TFP in growth rate and the accelerated inputs based on the data of China's large and medium-sized industrial enterprises during 2000~2010.Basically,we try to extend the related researches in three directions.Firstly,we distinguish spillovers from downstream and upstream sectors based on China's Input-Output Table.Secondly,we consider the interaction between human capital,RD and spillovers.Thirdly,we also use a two-step system GMM estimation adjusted by finite sample correction to enhance the empirical results. The main findings are as follows:(1) on the industry level,RD inputs was negatively correlated with TFP,demonstrates that RD acceleration and TFP deceleration in Chinese industry is significant;(2) industrial TFP,technical progress and technical efficiency all have strong self-reinforcement effects,and the self-reinforcement effect of technical efficiency is the main reason of the self-reinforced TFP.This result also to a certain extent explained the long-standing TFP differences between industries;(3) human capital plays an important role as assimilation device for and spillovers both in promoting TFP growth and increasing technical efficiency;(4) although FDI and exports help to upgrade the overall industry technology level,but at the same time also enlarge technology gap between firms,which results in deterioration of technology efficiency. Based on the empirical findings,we argue that the causes to the paradox of RD acceleration and TFP deceleration in Chinese industry as follows.(1) Misallocation of resources.Firstly,the bulk of resources were spent on developing or purchasing new technology,but little on absorbing those existing technologies.Secondly,too much flew into final products sectors,leaving little for the up-stream sectors that producing intermeddle inputs.(2) Human capital did not work effectively.Firstly,Human capital did not match the demand of industry well;the distribution of human capital is far from reasonable.Secondly,the quality of human capital is not good enough to promote efficiency.For example,the share of personnel engaged in activities in total staffs is 47.4% in 2010 in China,less than that of more than 60% in most developed countries.(3) The strategy of promoting export and FDI.Large proportion of SOEs contributed less to the improvement in TFP growth,and which were detrimental technical efficiency improvement in particular. Grounded on the empirical study,we suggest that(1) increase the resource that for the upstream industries,in order to strengthen the forward spillover;(2) ameliorate the personnel structure by channeling more staff into the fundamental sector;(3) deepen the reform of SOEs and set the market mechanism in a more prominent position of allocating resources;(4) revisit the policy toward foreign capital,and maintain the fair playfield for local and foreign firms." @default.
• W2384394124 created "2016-06-24" @default.
• W2384394124 creator A5068747000 @default.
• W2384394124 date "2013-01-01" @default.
• W2384394124 modified "2023-09-27" @default.
• W2384394124 title "Why Did China's R&D Investment Fail to Accel Erate Its Industrial TFP Growth?" @default.
• W2384394124 hasPublicationYear "2013" @default.
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