財產權保護、異質生產者與平均生產力

Ownership Protection Firm Heterogeneity and Aggregate Productivity

本文討論貿易對產業平均生產力及財產權保護的影響。我們假設當經濟個體移轉資本時，法律上欠缺完整的所有權保護，由此內生廠商的生產力異質性。當保護的程度外生給定時（短期），商品的貿易可在保護程度不同的國家間傳遞「貿易條件的外部性」。保護程度較低的國家可享受對手國傳遞的正外部性效果，而提高平均生產力。相反的，對手國會受到負外部性的影響，使得平均生產力下降。若假設政府可調整保護程度（長期），我們可以看到貿易使得所有貿易國的平均生產力及保護程度提升。然而此種生產力及保護程度的提升並不能視為福利的增加，因為這可能是更多的資源投入以抵消負面外部性的結果。這表示過去實證文獻視平均生產力提升為福利增加指標的看法有再斟酌的必要。

This paper incorporates firm heterogeneity in productivity endogenously generated by the lack of protection of property rights when agents transfer capital and analyzes the effects of trade on aggregate productivity and the evolution of protection. In the short run, when the level of protection is exogenous, countries with poorer protection enjoy positive terms of trade externality generated by better protection in other countries. This increases aggregate productivity, while the opposite holds true in countries with better protection. In the long run, when governments can adjust the level of protection, it is possible to show that average productivity and the level of protection increase in all countries. However, contrary to previous empirical studies focusing on productivity improvements, we cannot consider the increases in productivity and protection in countries that suffer the negative externality as welfare gains. This is because they result from greater resources needed to maintain a given level of incentive to transfer capital.