Can government intervention correct and adjust resource misallocation of infrastructure: Evidence from toll expressway of China

IF 3.8 Q2 TRANSPORTATION
Pengrui Bai , Zhiyu Ma , Lufeng Tian
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Abstract

How the government guides the allocation of infrastructure resources has gained attention in recent years as more countries recognize the importance of competent government and efficient market. Most research on the misallocation has only qualitatively considered the negative effects of government intervention on capital or labor. Actually, the structure of mileage scale is more important in the process of transportation resource allocation. To examine the characteristics of resource misallocation in China’s toll expressway sector and clarify the effects of government intervention on such misallocation, we first quantified three misallocations. Employing a dynamic panel model and moderating effect model, we investigated the internal mechanisms of government intervention on resource misallocation in China’s expressway sector. Empirical results revealed four key results. (1) Toll expressways have serious resource misallocation. Government intervention corrects these misallocations, especially mileage scale structure. (2) The corrected effect of government intervention on misallocation shows a significant heterogeneity. Government intervention has a more corrective effect for the operating toll expressways, companies and areas with excessive allocation of toll expressway resources, eastern regions of China. (3) Industrial agglomeration plays a dynamic regulatory role in the process of government intervention to correct misallocation. At an optimal level, government intervention facilitates the ameliorate of misallocation. (4) The same role also exists in factor marketization strengthening the correction. However, the corrective effect of government intervention has a critical value. This study’s insights into government intervention’s effects on resource misallocation in China’s expressway sector lay a critical foundation for enhancing resource efficiency and fostering high-quality infrastructure development.
政府干预能否纠正和调整基础设施的资源错配:来自中国收费高速公路的证据
近年来,随着越来越多的国家认识到有效政府和有效市场的重要性,政府如何引导基础设施资源配置受到越来越多的关注。大多数关于分配不当的研究只定性地考虑了政府干预对资本或劳动力的负面影响。实际上,里程尺度结构在交通资源配置过程中更为重要。为了检验中国收费高速公路行业的资源错配特征,并阐明政府干预对这种错配的影响,我们首先对三种错配进行了量化。运用动态面板模型和调节效应模型,研究了政府干预高速公路资源错配的内部机制。实证结果揭示了四个关键结果。(1)收费高速公路资源错配严重。政府干预纠正了这些分配不当,特别是里程表结构。(2)政府干预对错配的修正效应具有显著的异质性。政府干预对运营收费高速公路的企业、收费高速公路资源配置过度的地区、东部地区具有更大的矫正作用。(3)产业集聚在政府干预纠正错配过程中起着动态调节作用。在最优水平上,政府干预有助于改善分配不当。(4)要素市场化强化纠偏也存在同样的作用。然而,政府干预的矫正效果具有临界值。本研究对政府干预对中国高速公路行业资源错配的影响的见解,为提高资源效率和促进高质量基础设施发展奠定了重要基础。
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来源期刊
Transportation Research Interdisciplinary Perspectives
Transportation Research Interdisciplinary Perspectives Engineering-Automotive Engineering
CiteScore
12.90
自引率
0.00%
发文量
185
审稿时长
22 weeks
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