136 ( ) 42 Weestimatetheefectsoflaborcostonlaborproductivitybasedontheprovincialpaneldata ofchina.thegmm methodatwo-stepsystemdevelopedbyblundelandbon

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1 ( ) JournalofZhejiangUniversity(HumanitiesandSocialSciences) Vol.42No.5 Sept.2012 DOI: /j.issn X ( ) [ ] ; [ ] ; ; ; [ ] [ ] TheImpactofLaborCostonLaborProductivity: Evidencefrom China sprovincialpaneldata YaoXianguo ZengGuohua (Schoolof Public AdministrationZhejiang UniversityHangzhou310027China) Abstract:ThehighrateofwagegrowthinChinahasatractedwideatentionandcausedheated debatesinalwalksoflife.somescholarsthinkitwildeprivechina seconomyofthelowlabor costadvantagewhileothersthinkitwilenhanceitscompetitivenessandsustainablegrowthin thelongrunbyacceleratingeconomictransformation. Therelationshipbetweenlaborcostandeconomiccompetitivenessdependsontheimpactof laborcostonlaborproductivity.wepresentatheoreticalframeworkthatsuggeststheexistence ofa general nonlinear relationship between labor cost and labor productivity. Within the reasonableincentive intervalanincreasein wagescanhaveabeneficialefectonproductivity growthsinceitencouragesfirmstoinvestin new technologies.the wageincreasein the insuficientincentive intervalisthoughttobeareasonablereturntothevalueoflaborandhas noincentivefunction. Wagesin the reasonableincentive area have a positive efect on productivitygrowthduetoitsstimulusforfirmstoinnovateinordertorestoreprofitability. [ ]htp:// [ ] (06JZD0014); ( ) [ ]1. ;2.

2 136 ( ) 42 Weestimatetheefectsoflaborcostonlaborproductivitybasedontheprovincialpaneldata ofchina.thegmm methodatwo-stepsystemdevelopedbyblundelandbondenablesusto accountforendogeneityandunobservedtime-invariantfactors.ourresultssuggestthatlabor costhasincentiveefectsonlaborproductivityand China s wageleveliscurrently withinthe reasonableincentive scope.ourfindingsalsosuggestthatchinashouldformanew mechanism ofwagegrowthandmakesurethatworkers incomeriseinstepwithorevenexceedtheeconomic growthrateinthenextfivetotenyears. A limitation ofthis paperis that our empirical data have failed to cover the latest developmentsoflaborcostandlaborproductivity. Keywords:laborcost;laborproductivity;incentivefunction;provincialpaneldata [1] : [2] 1776 ( / ) C.Glyn V.Reenen [3] Kaldor [4] Kelman [5] GDP (Kaldorparadox) Thirlwal [6] 2006 :

3 5 : 137 [17] [8-9] [110] [11-12] 80% BenoitMahy [13] Marqueti Granger [14] J.Konings W.Patrick [15] Levine [16] Krueger [17] Campbel [18] [19] Bruce [20] Huizinga [21] : Seguino [22-23] [24-26] [27] [28-29] Akerlof [30] ( ) : ; Seguino [31]

4 138 ( ) 42 : b = 0+ 1g+ 2u (1) b 0 g u ( ): I/K=g=g0+g1W +g2u (2) I=dK/Kg0 : b = 0+ 1g(W u)+ 2u (3) ; 1 b W Wmin Wmax Wmin( ) Wmax 1

5 5 : ( ) (3) : lnlp it=αi+β 1 lnlc it+β 2 lntech it+β 3 lngdp it+εit (4) LP LC Tech GDP it i t αi ( ) = / 1999 CPI 2. = - - =0.095 ( 5% 10 ) 1999 CPI 3. R&D [32] R&D R&D 1 1 lnlp lnlc lntech lngdp lnlp lnlc *** 1 lntech lngdp *** *** *** 1 : *** 1%

6 140 ( ) 42 ( ) 2 GMM1 Sargan Hansen 2: 2 GMM (1) (2) (3) (4) (5) (6) lnlc *** (0.055) *** (0.093) *** (0.286) *** (0.104) *** (0.340) *** (0.330) lntech (0.079) * (1.022) * (1.086) * (0.412) * (0.240) (2.048) lngdp * (0.042) (0.075) (1.586) (0.102) (0.254) (0.364) lnlc lntech * (0.095) * (0.105) * (0.04) * (0.236) lnlc lntech (0.112) lnlp *** (0.044) *** (0.038) (0.089) ** (0.088) (0.118) (0.107) cons *** (0.341) *** (9.511) (6.422) 1.21 (1.22) (1.026) Waldchi AR(2)-p Sargan-p Hansen-p :(1) *** ** * 5% 10% 20% lnlp-1 (2) (1) GDP 5% GDP 20% (2) ; (2) (2) %

7 5 : % 20% (3) GDP (4) (6) % ( 2) GDP 5 10

8 142 ( ) [ ] [1] : [CaiFang How to MaintaintheCompetitivenessundertheRisingLaborCost Development HeraldNo.1(2007)pp ] [2]R.K.Vedder & L.E.Galaway Productivityand Wagesinthe American Economy:A TaleofTwo Centuries Economica:New SeriesVol.35No.138(1956)pp [3]C.Glyn & V.Reenen ExportMarketPerformanceofOECD Countries:AnEmpiricalExaminationofthe RoleofCostCompetitiveness EconomicJournalVol.111No.468(2001)pp [4]N.KaldorFurther Esayson Applied EconomicsNew York:Holmes & MeierPublishersInc [5]M.Kelman Relative PricesandInternationalCompetitiveness:An EmpiricalInvestigation Empirical EconomicsVol.8No.3-4(1983)pp [6]A.P.Thirlwal The BalanceofPayments Constraintasan Explanation ofinternational Growth Rate Diferences Banca NazionaledelLavoro Quarterly ReviewVol.32No.128(1979)pp [7] : [Du Yang & Qu Yue LaborCompensationLaborProductivityandLaborCostAdvantages ChinaIndustry EconomicsNo.5 (2009)pp ] [8] : [LiaoJun TheAnalysisoftheRisingLaborCostinChina China LaborNo.3(2007)pp ] [9] : [Zhang Benbo TheRisingLaborCostinChina:ReasonandEfect Macroeconomic ManagementNo.8(2008)pp ] [10] : [Gan Mantang The Impacts of Rising Labor Cost on Manufacturing Competitiveness in China Overal CompetitivenesNo.5(2010)pp ] [11] : [Yang Yiyong & ZhangYing TheImpactsofRisingLaborCostonChina seconomy China Economic & Trade HeraldNo.22(2006)pp ] [12] : [ZengGuohua & WangYuemei LaborCostandIndustrialCompetitiveness:A TheoreticalModeland EmpiricalResearch Colected Esayson Financeand EconomicsNo.3(2011)pp ] [13]B.MahyF.Rycx & M.Volral Does WageDispersion MakeAlFirmsProductive Scotish Journalof PoliticalEconomyVol.58No.4(2011)pp [14]A.Marqueti DoRisingRealWagesIncreasetheRateofLaborSavingTechnicalChange SomeEconometric Evidence MetroeconomicaVol.55No.4 (2004)pp [15]J.Konings & W.Patrick EvidenceofEficiency Wage Paymentsin UK Firm LevelPanelData The EconomicJournalVol.104No.424(1994)pp [16]D.I.Levine Fairness Marketsand Abilityto Pay:Evidencefrom Compensation Executives The American Economic ReviewVol.83No.5(1993)pp

9 5 : 143 [17]A.B.Krueger & L.H.Summers Eficiency WagesandtheInter-Industry WageStructure Econometrica Vol.56No.2(1988)pp [18]C.M.Campbel DoFirmsPayEficiency Wages EvidencewithDataattheFirm Level Journalof Labor EconomicsVol.11No.3(1993)pp [19] : [YaoXianguo & LiXu TheEficiency WageHypothesisandItsImplicationforPayIncentive Social Sciencesin GuangdongNo.6(2004)pp ] [20]C.Bruce TheConnectionbetweenLabourProductivityand Wages Economica LTDThe Expert Witnes NewsleterVol.7No.2(2002)pp.1-3. [21]F.Huizinga & P.Broer Wage ModerationandLabourProductivity htp:// sites/default/files/publicaties/download/wage-moderation-and-labour-productivity.pdf [22]S.Seguino TheInvestmentFunctionRevisited:DiscipliningCapitalin Korea Journalof Post-Keynesian EconomicsVol.22No.2( )pp [23]S.Seguino TheEfectsofStructuralChangeandEconomicLiberalizationon Gender WageDiferentialsin SouthKoreaandTaiwan CambridgeJournalof EconomicsVol.24No.4(2000)pp [24]J.E.Stiglitz The Eficiency Wage HypothesisSurplus Labourandthe Distribution ofincomein L.D.C.s Oxford Economic Papers:New SeriesVol.28No.2(1976)pp [25]E.Schlicht LabourTurnoverWageStructureand NaturalUnemployment Journalof Institutionaland TheoreticalEconomicsNo.134(1978)pp [26]A.B.Krueger& L.H.Summers Eficiency WagesandtheInter-Industry WageStructure Econometrica Vol.56No.2(1988)pp [27] : ( ) [Yao Xianguo & WengJie WageStructureEmploymentand Human Resource Investment Journalof China Universityof Petroleum(SocialSciences)No.16(2005)pp ] [28]C.Shapiro & J.E.Stiglitz Equilibrium Unemploymentasa Worker Discipline Device The American Economic ReviewVol.74No.3(1984)pp [29]G.A.Calvo & S. Welisz HierarchyAbilityandIncome Distribution TheJournalof Political EconomyVol.87No.5(1979)pp [30]G.A.Akerlof LaborContractsasPartialGiftExchange The Quarterly Journalof EconomicsVol.97 No.4(1982)pp [31]S.Seguino IsMore MobilityGood Firm MobilityandtheLow Wage-Low ProductivityTrap Structural Changeand Economic DynamicsVol.18No.1(2007)pp [32]J.Fagerberg InternationalCompetitiveness The EconomicJournalVol.98No.391(1988)pp

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