This paper analyzes the role of allocative efficiency of energy resources with respect to total factor productivity (TFP) in the Korean manufacturing sector. Using firm-level data for Korea, we extend the framework of Hsieh and Klenow (2009) to measure allocative inefficiency of energy markets as a function of energy price distortions. Our results indicate that between the years 2000 and 2014, intra-industry misallocation has increased. With respect to energy resources, this is truer in the low-oil-price periods than in other periods. An improvement in allocative efficiency could be attained by equalizing total factor revenue productivity across firms within an industry. In reallocating capital, labor, and energy resources, hypothetical TFP increases of 51.3 % and 71.7 % above actual levels in 2000 and 2014, respectively, could have been achieved. The evolution of firm productivity has been shaped by energy (electricity and fuel) market distortion and capital market distortion. Our evidence suggests that government (energy) price intervention is likely to have played an important role in productivity loss and in allocative inefficiency observed in energy markets.

本文分析了韩国制造业中能源分配效率相对于全要素生产率（TFP）的作用。利用韩国的企业级数据，我们扩展了Hsieh和Klenow（2009）的框架，以衡量能源市场扭曲的能源效率分配效率。我们的结果表明，在2000年至2014年之间，行业内的错误分配有所增加。在能源方面，低油价时期比其他时期更为正确。通过使整个行业内的各个公司的全要素收益生产率相等，可以提高分配效率。在重新配置资本，劳动力和能源方面，可以实现假设的全要素生产率分别比2000年和2014年的实际水平分别增长51.3％和71.7％。能源（电力和燃料）市场的扭曲和资本市场的扭曲决定了企业生产率的演变。我们的证据表明，政府（能源）价格干预很可能在生产力损失和能源市场中观察到的分配效率低下发挥了重要作用。