中文摘要：

分析新兴产业资源错配程度以及投资扩张、产品补贴对资源错配的影响。研究方法：在H＆K模型基础上，通过推导静态一般均衡求解模型测算2009-2014年中国光电产业的资源配置效率。研究发现：中国光电产业存在较为严重的资源配置扭曲，导致光电企业全要素生产率过低；“双反”加速了光电企业的优胜劣汰，在一定程度上提升了资源配置效率；政府扶持与地区间竞争所引致的投资扩张是引发光电产业资源配置效率低下的主要原因。研究创新：构建单一产业下基于一般均衡求解的资源错配模型，并从资源错配视角衡量产业政策效应。研究价值：有利于短期扶持性政策更好地发挥生产率增长效应。

英文摘要：

Objectives： This paper studies the misallocation of the emerging industries and the impact of investment expansion and product subsidies on resources misallocation. Research Methods： Based on the H~K model, this paper uses the static general equilibrium model to calculate the effi- ciency of resources allocation of photovoltaic industry in China from 2009 to 2014. Research Find- ings： Photovoltaic industry exists the misallocation of resources, which causes the low enterprises＇ total factor productivity. ＂The two sides＂ accelerates the survival of the fittest of photovoltaic enterprises and improves the efficiency of resources allocation to some extent. The expansion of investment caused by the government＇s support and regional competition is the main reason for the low efficiency of resources allocation. Research Innovations： This paper constructs a misallocation model based on general equilibrium in a specific industry, and measures the effect of industrial policy from the perspective of misallocation. Research Value： It＇s benefit to improve the efficiency of resources allocation and total factor productivity of the photovoltaic industry in China.