한국거래소 상장 제조업 기업의 총요소생산성과 생산효율성

This paper estimates total factor productivity (TFP) growth and decomposes its contributing factors into technical efficiency change, scale component, allocative efficiency and technical progress for the Korean manufacturing industry. For these, the group-specific stochastic frontier production model, allowing for different groups of firms to have different patterns of technical efficiency over time, is applied to the unbalanced panel of 1,096 manufacturing firms listed in the Korean Exchange for the period of 1996∼2011. The empirical findings are as follows; (1) The time-varing technical inefficiency exists significantly in the Korean manufacturing firms and its patterns are different each other according to the listed market (KOSPI, KOSDAQ) and/or firm’s size. (2) Technical efficiency of the most manufacturing industry, except information technology (IT) industry, is worsen. And even in the IT industry, it slows down continuously over the sample period. (3) The scale component and allocative efficiency have trivial influences on the TFP growth in the most industries, except the IT industry. Technical progress is crucial factor on TFP growth. (4) The industry with the highest rate of TFP growth is the IT industry. This suggests that IT industry has been leading the development of Korean manufacturing industry and will continue to drive the development of Korean economy.