This paper first estimates the overall return on capital in China between 1978 and 2013. It then identifies the determinants of return on capital by analyzing provincial panel data and breaks down the causes of swerve...This paper first estimates the overall return on capital in China between 1978 and 2013. It then identifies the determinants of return on capital by analyzing provincial panel data and breaks down the causes of swerves in capital return after the eruption of the global financial crisis in 2008. It finds that： （1） there is significant inertia in the return on capital,＂ （2） government intervention has significantly negative impact on capital return; （3） a significantly negative correlation is observed between investment rate and return on capital,＂ and （4） the increases in the shares of secondary and tertiary industries in the economy have significantly positive impact on return on capital. This paper concludes that the growth in investment rate and the expansion of government size are both important contributors to the recent decline in China＇s return on capital since the financial crisis.展开更多
The rate of return on capital is a key parameter in pension reform policy making. While evaluating pension reform, the method Feldstein proposed to measure the rate of return on capital is widely adopted. Here we calc...The rate of return on capital is a key parameter in pension reform policy making. While evaluating pension reform, the method Feldstein proposed to measure the rate of return on capital is widely adopted. Here we calculate the rate of return on capital in China by this method. The calculation demonstrates that the rate of retum on all the industrial enterprises is around 6.5 percent from 1996 to 2000, and the average rate of return on state-owned industrial enterprises is lower than the above figure by 1.5 percent during the same period. Finally, we draw a conclusion that the rate of return ranging from 5 to 7 percent is appropriate for the pension reform in China.展开更多
We derive higher-order expansions of L-statistics of independent risks X1,..., Xn under conditions on the underlying distribution function F. The new results are applied to derive the asymptotic expansions of ratios o...We derive higher-order expansions of L-statistics of independent risks X1,..., Xn under conditions on the underlying distribution function F. The new results are applied to derive the asymptotic expansions of ratios of two kinds of risk measures, stop-loss premium and excess return on capital, respectively. Several examples and a Monte Carlo simulation study show the efficiency of our novel asymptotic expansions. Keywords smoothly varying condition, second-order regular variation, tail asymptotics, value-at-risk, con- ditional tail expectation, largest claims reinsurance, ratio of risk measure, excess return on capital展开更多
基金the Natural Social Science Foundation of China research fund(Grant No.10zd&007)the Ministry of Education research fund(Grant No.12YJC790269)the Natural Science Foundation of China research fund(Grant No.71103212) for financial support
文摘This paper first estimates the overall return on capital in China between 1978 and 2013. It then identifies the determinants of return on capital by analyzing provincial panel data and breaks down the causes of swerves in capital return after the eruption of the global financial crisis in 2008. It finds that： （1） there is significant inertia in the return on capital,＂ （2） government intervention has significantly negative impact on capital return; （3） a significantly negative correlation is observed between investment rate and return on capital,＂ and （4） the increases in the shares of secondary and tertiary industries in the economy have significantly positive impact on return on capital. This paper concludes that the growth in investment rate and the expansion of government size are both important contributors to the recent decline in China＇s return on capital since the financial crisis.
基金This work was supported in part by National Nature Science Foundation of China key project under Grant No. 70531010.
文摘The rate of return on capital is a key parameter in pension reform policy making. While evaluating pension reform, the method Feldstein proposed to measure the rate of return on capital is widely adopted. Here we calculate the rate of return on capital in China by this method. The calculation demonstrates that the rate of retum on all the industrial enterprises is around 6.5 percent from 1996 to 2000, and the average rate of return on state-owned industrial enterprises is lower than the above figure by 1.5 percent during the same period. Finally, we draw a conclusion that the rate of return ranging from 5 to 7 percent is appropriate for the pension reform in China.
基金supported by the Swiss National Science Foundation(Grant Nos.2000211401633/1,200021-134785 and 200021-1401633/1)Marie Curie International Research Staff Exchange Scheme Fellowship within the 7th European Community Framework Programme(Grant No.RARE-318984)+1 种基金National Natural Science Foundation of China(Grant No.11171275)the Natural Science Foundation Project of Chongqing(Grant No.cstc2012jjA00029)
文摘We derive higher-order expansions of L-statistics of independent risks X1,..., Xn under conditions on the underlying distribution function F. The new results are applied to derive the asymptotic expansions of ratios of two kinds of risk measures, stop-loss premium and excess return on capital, respectively. Several examples and a Monte Carlo simulation study show the efficiency of our novel asymptotic expansions. Keywords smoothly varying condition, second-order regular variation, tail asymptotics, value-at-risk, con- ditional tail expectation, largest claims reinsurance, ratio of risk measure, excess return on capital
