China's High-tech Industries in the Efficiency of Resource Allocation——R&D Stock-based Malmquist Productivity Index

In this paper,considering the problem of the lagging behind and accumulation of the resource input,we use RD funding for stock instead of the value and use the price deflator to adjust the index data. The study carries out the empirical research on China's hi- tech industry over the period of 2000- 2011 by using the Malmquist productivity index. The research has concluded that China's high- tech industries have overall upward trend in the efficiency of resource allocation but the stability of the industries is different. Efficiency of resource allocation is mainly affected by the index of technical efficiency and technological change which are distinctive in different industries.