Zhao Hongjun, Chen Na
School of Finance and Business, Shanghai Normal University, China.
School of Urban and Regional Science, Shanghai University of Finance and Economics, China.
J Asian Econ. 2022 Oct;82:101507. doi: 10.1016/j.asieco.2022.101507. Epub 2022 Jul 4.
This study examines the impact of the 2003 SARS epidemic on the total factor productivity (TFP) of Chinese industrial enterprises using a difference-in-differences (DID) approach. The results exhibit that SARS significantly reduces TFP by 3.12-5.81%, lasting for three to five years. Further, this impact is heterogeneous across industries. A significantly negative impact is found in labor intensive industries, while capital and technology intensive industries is less affected. Contrarily, a significantly positive impact is observed in those industries necessary for life and production. Mechanism tests show that the impact on TFP is caused by a reduction in labour productivity and a decrease in innovation investment after SARS outbreak. This study highlights the importance of more targeted policy on Covid-19 and similar epidemics both in industrial, national and international level.
本研究采用双重差分法（DID）考察2003年非典疫情对中国工业企业全要素生产率（TFP）的影响。结果显示，非典使全要素生产率显著降低了3.12%-5.81%，持续三到五年。此外，这种影响在不同行业中存在异质性。劳动密集型行业受到显著负面影响，而资本和技术密集型行业受影响较小。相反，生活和生产必需行业则出现了显著的正面影响。机制检验表明，对全要素生产率的影响是由非典疫情爆发后劳动生产率下降和创新投资减少所致。本研究强调了在行业、国家和国际层面针对新冠疫情及类似流行病制定更具针对性政策的重要性。
