中文摘要
我们表明，外国资本自由化降低了印度受影响行业的资本错配，并提高了其总体生产率。外国资本准入在细分行业间交错推进的自由化，使我们能够识别企业投入楔子的变化，从而克服衡量错配变化效应时面临的主要挑战。自由化总体上增加了资本。相较于资本边际收益产品（MRPK）较低的企业，对于初始MRPK较高的本土企业，自由化使其收入增加23%、实物资本增加53%、工资总额增加28%，并使MRPK降低33%。自由化的影响在当地银行业较不发达的地区最大，这表明该部门的低效率可能导致资源错配。最后，我们提出一项假设；在该假设下，可以采用一种利用自然实验的新方法，为错配变化对受处理行业总体生产率的影响确定界限。这些行业的索洛余值提高了3%—16%。
Abstract
We show that foreign capital liberalization reduces capital misallocation and increases aggregate productivity for affected industries in India. The staggered liberalization of access to foreign capital across disaggregated industries allows us to identify changes in firms' input wedges, overcoming major challenges in the measurement of the effects of changing misallocation. Liberalization increases capital overall. For domestic firms with initially high marginal revenue products of capital (MRPK), liberalization increases revenues by 23%, physical capital by 53%, wage bills by 28%, and reduces MRPK by 33% relative to low MRPK firms. The effects of liberalization are largest in areas with less developed local banking sectors, indicating that inefficiencies in that sector may cause misallocation. Finally, we propose an assumption under which a novel method exploiting natural experiments can be used to bound the effect of changes in misallocation on treated industries' aggregate productivity. These industries' Solow residual increases by 3–16%.