摘要
基于各项宏观经济指标对改革开放以来中国城乡资本回报率进行测算,分别得到忽略资本调整成本与考虑资本调整成本的两种测算结果。在忽略调整成本的测算结果中,城乡资本回报率变动趋势在不同阶段存在显著差异,2000年前农村资本回报率显著高于城镇资本回报率,随后二者逐步趋同;在考虑调整成本的测算结果中,城乡资本回报率的差距相对较小,二者表现出20世纪90年代前交错波动、90年代后城镇资本回报率高于农村资本回报率的趋势。城乡资本回报率的测算结果能够较好地解释改革开放以来城乡资本要素的流动趋势,需要通过制度创新和基础设施建设等措施促进城乡之间资本要素的自由双向流动。
In order to explore the driving factor of China’s urban-rural capital flow trend since the reform and opening up,this paper calculates two types of urban and rural capital returns without adjustment cost and with adjustment cost taken into account based on various macro data.The result shows that there are significant differences over time between urban and rural area in calculation results ignoring adjustment cost.Before 2000 the return of capital in rural area was significantly higher than that in urban area and the two trends turned out to be more similar after 2000.In the result considering adjustment cost,the difference between urban and rural area is relatively weak,which is shown as staggered fluctuation before the 1990s,and the return of capital in urban area are basically higher than rural area after the 1990s.The calculation results of returns of capital could well explain the trend of capital flow since the reform and opening up.It is necessary to promote the free and bidirectional flow of capital through institutional innovation and infrastructure construction.
作者
周静
曾鸿睿
ZHOU Jing;ZENG Hongrui
出处
《上海市经济管理干部学院学报》
2023年第3期31-41,共11页
Journal of Shanghai Economic Management College
关键词
资本回报率
城乡投资率
双向流动
调整成本
Capital Return Rate
Urban and Rural
Investment Rate
Two-way Flow
Adjustment Cost