工业新增利润来源及其影响因素：基于企业数据的经验研究

本文利用企业数据，对我国1998-2005年工业企业的新增利润来源从不同角度进行了分析．并且进一步将收益率的变化分解为全要素生产率的变动和分配格局的变动．对正确理解这段时期工业利润率的变化提供了微观层面的解释。本文发现。在考察期内工业利润的增长是结构性的．重工业对工业利润增长贡献了70％以上：采掘业和原材料工业利润率提高的关键因素是产品价格的大幅上涨．而轻工业和机械工业收益率的改善主要来自于生产率水平的提高：工业部门平均工资水平增速小于GDP增速．行业间的工资水平差异较大．大部分劳动者的工资增速较慢．利润的高速增长很大程度上是以工资的缓慢增长为代价的。

Distribution of Industrial Profit Increment and Determinant of Profitability Rise: An Empirical Study with Firm-level Data

This paper analyzed the distribution of industrial profit increment and the determinant of profitability rise between 1998 and 2005 with firm-level data. It concluded that structural change in profit was the main drive to profit increment to which heavy industry contributed more than 70%. The profit rate in light industry and machine building industry improved due to technical progress while energy and raw material industry due to the upsurge of ex-factory price. It also found that the average wage grew slower than GDP and wages among industries differed a lot. The ratio of total wage to profit was more and more lower, which means that faster growth of profit is at cost of slower growth of wage.