中国工业资本收益率和配置效率测算及分解

An Analysis of the Chinese Industrial Capital Return and Allocation Efficiency:Calculation and Decomposition

本文利用1999-2007年的工业企业数据库测算了中国工业资本收益率,在此基础上基于"资本边际收益均一化"理论测算了工业资本配置效率,并利用"份额转换分析"方法对工业资本收益率进行行业间分解,结果显示:(1)中国的工业资本收益率在近十年内大幅提高,而资本在行业间的配置效率虽然有所提高,但是变化很小。(2)中国工业部门资本收益率的增长是由于资本收益率自身的增长效应带来的。工业资本效率的改善更多体现在总量效率上,而投资结构缺乏效率。本文的发现对反思和探讨产业调控政策措施选择问题具有借鉴意义。

This paper measures the capital return for the Chinese industries during the period of 1999 - 2007, measures allocation efficiency based on the principle of uniform capital marginal return, and then decomposes the capital return using Shift - share Analysis. The findings of this study show ： （ 1 ） The Chinese industrial capital return and allocation efficiency rise in recent 10 years, and the growth of capital return is far more rapid than that of allocation efficiency. （2） The growth of industrial capital return mostly owes to capital return itself. Our findings are helpful to reconsider the industry regulation policy.