中国省际资本回报率的地区差距

The Regional Difference of China's Provincial Marginal Product of Capital

资本回报率高低决定资本流向。本文在严格采用永续盘存法估算出中国省际资本存量后,运用边际资本产出来测算省际资本回报率并分析其地区差距。测算结果表明：1993~2007年中国中部与东部地区的资本回报率差距在缩小,而西部与东部地区的资本回报率差距在进一步扩大,中国目前还不存在明显的资本边际报酬递减趋势。投资环境差异是形成地区间资本回报率差距的制度原因,中西部地区引资竞争的关键是改善地区制度环境。

The level of the regional MPK determines the direction of the capital flow.After estimating China＇s provincial capital stock in strict accordance with PIM,the paper measures China＇s provincial nominal MPK and real MPK.The measurement demonstrates that during 1993-2007 the difference of the MPK between the central and eastern regions is gradually narrowing,yet the western and the eastern expanding.The later indicates that currently there has no broad trend of diminishing returns of capital in China.Difference of regional investment environment is the institutional cause of the difference of the provincial MPK.In order to attract the inflow of the capital,the central and the western governments need to improve the quality of the institution.