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

摘要： 关于资本深化促进生产率提升、资源错配导致企业全要素生产率低下的问题，学术界基于大中型企业的研究已基本达成共识，而针对小企业研究较少。本文构建三者之间的理论模型，并基于江苏省小企业数据进行实证检验。研究发现，资本深化对资源配置效率的影响呈现倒U型，而与生产率为U型关系。资本深化程度较低或较高的企业改善资源配置效率可以促进生产率提升，而中等水平的企业呈现抑制效应。这在小规模企业、低技术行业中更加明显。小企业面对劳动工资、利率水平上涨，其资源配置效率被抑制，但是能够提升企业生产率。本文的政策启示是政府在支持中小企业投融资的同时，对中小企业人才和用工政策应予以更多支持。

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