文章摘要
林仁文,杨熠.中国的资本存量与投资效率[J].数量经济技术经济研究,2013,30(9):72-88
中国的资本存量与投资效率
A New Estimate of China’s Capital Stock
  
DOI:
中文关键词: 中国资本存量  经济折旧率  永续盘存法
英文关键词: China’s Capital Stock  Economic Depreciation Rate  Accumulative Error  Perpetual Inventory Approach
基金项目:
作者单位
林仁文 浙江财经大学上海财经大学经济学院 
杨熠 华东政法大学上海财经大学金融学院 
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中文摘要:
      本文通过吸收资本存量(K)研究的已有成果,改进了K估算中经济折旧率为常数的假定,采用时变经济折旧率重新估算了1952~2010 年全国的资本存量。我们发现,以本文测算的时变经济折旧代替以往常用的固定折旧率,同时采用永续盘存法的原始公式代替常用的简化公式,有助于提高K估值的准确性。在此基础上,本文估算了宏观资本回报率,与多数文献所认为的宏观资本回报率具有长期下降趋势不同,我们发现1978~2007年中国宏观资本回报率呈长期上升趋势。
英文摘要:
      This study aims to re-estimate capital stock (K) in china. We first estimate the actual economic depreciation rate, and find it is time-varying with an upward trend, rather than constant. We then estimate K by the principle of Perpetual Inventory Method (PIM) instead of its simplified version. As a result, we provide a new estimate of capital stock in China Mainland 1952-2007. Further verification of the estimation suggests that the employment of time-varying depreciation rates and the use of the principle of PIM have a great influence on the estimate of K.
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