关键词: 资源配置效率 , 全要素生产率 , OP协方差 , 资本深化 , 中小微企业

Abstract: Researches have reached consensus that capital deepening promotes productivity improvement and resource misallocation and leads to reduced total factor productivity based on large and mediumsized enterprises, while few researches focus on on smallsized enterprises. This paper constructs a theoretical model between the three variables and uses data of small enterprises in Jiangsu Province for empirical test. This study finds that the impact of capital deepening on resource allocation efficiency is inverted Ushaped, while the impact of capital deepening on productivity is Ushaped. Enterprises with lowlevel or highlevel capital deepening can promote productivity by improving resource allocation efficiency, while enterprises with mediumlevel capital deepening have a suppression effect, which is more obvious in smallsized enterprises and lowtech industries. The rise in labor wage and interest rate in small emterprises will inhibit the efficiency of resource allocation, but increase productivity. The policy enlightenment is that while supporting the investment and financing of small and mediumsized enterprises, the government should give more support to their talents and employment policies.

Key words:  efficiency of resource allocation , total factor productivity , OP covariance , capital deepening , small and mediumsized enterprises