Trade Policy Uncertainty, Resource Allocation and Total Factor Productivity

Abstract

贸易政策不确定性上升不可避免地对我国经济发展产生影响。本文基于2008~2019年中国上市公司的有关数据以及中国贸易政策不确定性的月度指数，实证检验了贸易政策不确定性对我国全要素生产率的影响。研究发现贸易政策不确定性提升了资源配置效率，实现企业的全要素生产率的提升。 The rising uncertainty of trade policy will inevitably have an impact on my country’s economic development. Based on the relevant data of China’s listed companies from 2008 to 2019 and the monthly index of China’s trade policy uncertainty, this article empirically tests the impact of trade policy uncertainty on my country’s total factor productivity. The study found that the uncertainty of trade policy has improved the efficiency of resource allocation and achieved an increase in the total factor productivity of enterprises.