生产率、资本回报率和增长率的良性互动——“中国奇迹”的一种新解释

The Positive Interaction among TFP,the Return to Capital and Economic Growth Rate:A New Explanation of China Miracle

本文从资本回报率的视角出发,提出了关于"中国奇迹"的一种新解释。利用面板向量自回归模型和脉冲响应分析,本文发现,改革以来,我国的生产率增长,一方面直接拉动了经济增长;另一方面通过提升资本回报率,引发相应的高投资,间接促进了经济的繁荣。而投资通过"干中学"效应,需求通过加剧竞争和引导创新又引起生产率的进步,从而形成生产率、资本回报率和增长率的良性互动,造就了我国经济的高速发展。

In the view of capital return, this paper proposes a new explanation of China miracle. By u- sing Panel Vector Autoregression Model （PVAR） and Impulse Response Function Analysis （ IRF）, the empir- ical result shows that the growth of TFP directly stimulates economic growth on the one hand, and promotes e- conomic prosperity by enhancing capital return, leading other since the reform and opening-up. High investment to a correspondingly high investment indirectly on the through ＂learning by doing＂ effect and high growth of productivity by increasing competition and guiding innovation, has resulted in forming the positive interaction among productivity, capital return and economic growth rate and creating a high-speed development of China＇ s economy.