人力资本增长对我国工业资本回报率提升的影响——基于地区与行业视角的GMM方法

The Impact of Capital Growth on the Ascension of Chinese Industrial Return on Capital——Based on the Region and Industry Perspective and GMM Method

通过测度中国各地区和工业行业的资本回报率,利用kernel密度图分析其特征与趋势,用GMM方法分析人力资本对资本回报率的影响,结果表明:中国工业资本回报率总体呈上升趋势,但存在东部趋高,东北、中西部趋低的现象,且行业密度曲线正由单顶点窄峰向扁平化转变;人力资本的作用因地区和行业特征差异明显,仅在东部地区和资本密集型行业有着正向作用;技术进步有稳定的促进作用;资本深化的影响呈现倒U型;国有企业数量的增加不利于资本回报率的提升;不同技术水平的外资对资本回报率的影响存在较大差异。

This paper measured Chinese regional and industrial returns on capital, analyzed their characteristics and trends by kernel density map, and then it uses GMM method to analyze the impact of human capital on the rate of capital return. Results showed that, on the whole, Chinese industrial return on capital is on an upward trend, but it＇s much higher in the Eastern region than in the Midwest. Besides, the industrial density curve is changing from a single vertex and narrow peak to a flat one. The roles of human capital are significantly different because characteristics of various region and sector are not same, so it played an active role only in the eastern region and capital-intensive industries; technological advances have a stable role in promoting ; the impact of capital deepening presents inverted U-type, and China is at a turning point in the in- verted U-shaped curve; the increase in the number of state-owned enterprises is not conducive enhance the return on cap- ital; foreign investment＇s impacts on the ROC are different due to their various skill levels.