42 5 2012 9 ( ) JournalofZhejiangUniversity(HumanitiesandSocialSciences) Vol.42No.5 Sept.2012 DOI:10.3785/j.issn.1008-942X.2012.02.143 ( 310027) [ ] ; 1999 2007 [ ] ; ; ; [ ]2012-02-14 [ ]2012-08-30 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://www.journals.zju.edu.cn/soc [ ] (06JZD0014); (70933001) [ ]1. ;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 :
5 : 137 [17] [8-9] [110] [11-12] 80% BenoitMahy [13] Marqueti Granger 1869 1996 1965 1990 38 [14] J.Konings W.Patrick [15] Levine [16] Krueger [17] Campbel [18] [19] Bruce [20] 1961 1995 Huizinga [21] : Seguino 1975 1995 [22-23] [24-26] [27] [28-29] Akerlof [30] ( ) : ; Seguino [31]
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 : 139 1999 2007 1 ( ) (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 ( ) 1. 1999 2002 2003 2007 = / 1999 CPI 2. = - - =0.095 ( 5% 10 ) 1999 CPI 3. R&D [32] R&D R&D 1 1 lnlp lnlc lntech lngdp lnlp 11.112 0.572 9.939 12.38 1 lnlc 10.294 0.708 7.133 11.738 0.849 *** 1 lntech -0.145 0.572-2.719 1.213-0.06 0.105 1 lngdp 6.723 1.385 2.131 9.601 0.491 *** 0.738 *** 0.422 *** 1 : *** 1%
140 ( ) 42 ( ) 2 GMM1 Sargan Hansen 2: 2 GMM (1) (2) (3) (4) (5) (6) lnlc 0.668 *** (0.055) 0.828 *** (0.093) 0.800 *** (0.286) 0.688 *** (0.104) 0.805 *** (0.340) 0.897 *** (0.330) lntech 0.023 (0.079) -1.654 * (1.022) -1.571 * (1.086) -0.714 * (0.412) -0.517 * (0.240) 3.373 (2.048) lngdp 0.068 * (0.042) -0.003 (0.075) -0.037 (1.586) 0.027 (0.102) -0.137 (0.254) -0.116 (0.364) lnlc lntech 0.164 * (0.095) 0.156 * (0.105) 0.064 * (0.04) -0.312 * (0.236) lnlc lntech 0.002 (0.112) lnlp -1 0.139 *** (0.044) 0.112 *** (0.038) 0.114 (0.089) 0.193 ** (0.088) 0.176 (0.118) 0.046 (0.107) cons 2.204 *** (0.341) 1.446 *** (9.511) 1.686 (6.422) 1.21 (1.22) 2.185 (1.026) Waldchi2 529.83 182.77 114.79 179.43 3711.94 785.82 AR(2)-p 0.312 0.586 0.590 0.403 0.433 0.738 Sargan-p 0.076 0.460 0.252 0.877 0.822 0.826 Hansen-p 0.112 0.628 0.349 0.922 0.956 0.830 :(1) *** ** * 5% 10% 20% lnlp-1 (2) 11 8 2004 1 33-44 2 (1) GDP 5% GDP 20% (2) ; (2) (2) 0.828 5%
5 : 141 0.112 5% 20% (3) GDP (4) (6) 0.688 0.805 0.897 5% 0.193 0.176 0.046 0.8 ( 2) 2 1999 2007 2 GDP 5 10
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