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

摘要： 本文采用中国规模以上工业企业数据测算发现,进入企业的全要素生产率和盈利水平都高于退出企业,因而企业的进入和退出行为整体上带来总体效率和盈利的改善。对综合反映企业生产效率的全要素生产率而言,其效率的增长几乎全部来自于新进入企业对退出企业的替换这种净进入行为。其中,绝大部分的贡献来自于非国有企业和东部地区企业的进入和退出,同时劳动密集型产业的贡献逐步超过资本密集型产业。随着经济发展新阶段的到来,我国的经济结构、产业结构和区域特征都出现与以往不同的情况,企业在面临新的要素禀赋和要素价格信号时需灵活调整生产经营决策。因此,政府要为企业提供充分的市场环境,积极引导企业依据市场价格信号做出快速、充分的反应,实现资源的有效配置并赢得效率的提高,从而获得增长的源泉。

关键词: 进入和退出, 效率改善, 生产率