关键词: 进入和退出, 效率改善, 生产率

Abstract: The entering and exiting behavior of an enterprise has always been the main source of productivity growth. However, if we ignore the specific institutional characteristics and simply examine the entry and exit, we may omit the key point of this issue in China. Based on the data of China's above-scale industrial enterprises, we find that both the TFP and the ROA of entering enterprises are higher than those of the exiting enterprises. Therefore, the entering and exiting behavior of the firm brings about an improvement in the overall efficiency and profitability. For the total factor productivity that comprehensively reflects the production efficiency of an enterprise, its growth almost entirely comes from the net entering behavior of new entrants in the replacement of exiting enterprises. Most of the contributions are made by the entering and exiting of the non-state-owned enterprises and the enterprises in the eastern region. At the same time, the contributions of the labor-intensive industries have gradually surpassed those of the capital-intensive industries. With China's economy developing into a new stage, the economic structure, the industrial structure and the regional characteristics have become different from the past. In the face of new factor endowments and factor price signals, enterprises need to adjust their production and operation decision flexibly. Therefore, it is necessary to provide enterprises with a sufficient marketization environment, to actively guide enterprises to make positive and adequate responses based on market price signals, and to achieve effective allocation of resources, thus gaining the source of efficiency and growth.

Key words: Entering and Exiting, Efficiency Improvement, Productivity