The Sources of Capital Misallocation
提出一种方法，将资本错配（即单位资本增加值差异）分解为技术信息摩擦和企业特定因素，并应用于中美制造业数据，发现调整成本和不确定性只能解释一小部分差异，大部分来自与生产率相关的成分和固定效应。
We develop a methodology to disentangle sources of capital “mis-allocation,” i.e., dispersion in value-added/capital. It measures the contributions of technological/informational frictions and a rich class of firm-specific factors. An application to Chinese manufacturing firms reveals that adjustment costs and uncertainty, while significant, explain only a modest fraction of the dispersion, which stems largely from other factors: a component correlated with productivity and a fixed effect. Adjustment costs are more salient for large US firms, though other factors still account for the bulk of the dispersion. Technological/markup heterogeneity explains a limited fraction in China, but a potentially large share in the United States.