The work of quantitative studying the effect of technological progress on economic growth, being of great complexity and far-reaching significance, has become a quite popular research topic in the world. In recent yea...The work of quantitative studying the effect of technological progress on economic growth, being of great complexity and far-reaching significance, has become a quite popular research topic in the world. In recent years there are a large number of scientists who are engaged in this research both at home and abroad.展开更多
With rising costs of capital, labor and energy, cost efficiency and cost management have become important questions confronting the next stage of China＇s economic growth. By building a parametric cost frontier model ...With rising costs of capital, labor and energy, cost efficiency and cost management have become important questions confronting the next stage of China＇s economic growth. By building a parametric cost frontier model using panel data, this paper investigates the drivers of economic growth transformation from a cost perspective. According to our research, among various effects triggering corporate cost variations and in addition to the expansion of production scale, the largest effect is from technological progress, followed by the effect of factor price adjustment and the effect of efficiency gains. Within the decomposition of factor price adjustment effect, the energy factor effect is the most significant. Furthermore, energy price fluctuations are likely to become major factors restricting saving-based growth. Further study reveals that both the ownership reform and opening up of SOEs are favorable to reducing the costs generated by inefficiency. This paper provides empirical evidence for the driving mechanism of saving-based growth transformation as well as empirical evidence to support to the further deepening of property rights and market-oriented reforms.展开更多
文摘The work of quantitative studying the effect of technological progress on economic growth, being of great complexity and far-reaching significance, has become a quite popular research topic in the world. In recent years there are a large number of scientists who are engaged in this research both at home and abroad.
文摘With rising costs of capital, labor and energy, cost efficiency and cost management have become important questions confronting the next stage of China＇s economic growth. By building a parametric cost frontier model using panel data, this paper investigates the drivers of economic growth transformation from a cost perspective. According to our research, among various effects triggering corporate cost variations and in addition to the expansion of production scale, the largest effect is from technological progress, followed by the effect of factor price adjustment and the effect of efficiency gains. Within the decomposition of factor price adjustment effect, the energy factor effect is the most significant. Furthermore, energy price fluctuations are likely to become major factors restricting saving-based growth. Further study reveals that both the ownership reform and opening up of SOEs are favorable to reducing the costs generated by inefficiency. This paper provides empirical evidence for the driving mechanism of saving-based growth transformation as well as empirical evidence to support to the further deepening of property rights and market-oriented reforms.
