Replication data for: The Sources of Capital Misallocation

We develop a methodology to disentangle sources of capital "misallocation," 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.

本研究提出一套用于拆解资本错配（capital misallocation）来源的方法论，即厘清增加值与资本比率的离散程度。该方法可量化技术/信息摩擦以及多类企业异质性因素对该离散程度的贡献水平。针对中国制造业企业的实证应用结果显示，尽管调整成本与不确定性的影响显著，但二者仅能解释该离散程度的一小部分，而该离散程度的主要来源为其余两类因素：与生产率相关的成分以及固定效应。对于美国大型企业而言，调整成本的影响更为显著，但其余因素仍解释了该离散程度的绝大部分。技术/加价异质性仅能解释中国资本错配离散程度的有限占比，而在美国则可解释潜在的较大份额。