应用 Hedonic 估值方法的资本服务测算方式探究

学术界已有较多对于资本存量和资本服务核算的测量方法。文章通过 HV 估值方法使用差别化数据测算国内建筑类资本品的经验折旧，而不是使用以往所熟悉的永续盘存法。同时也给出了经济学文献中两种理论方法的对比研究：PIM 方法的若干假定与及 HV 方法使用市场价格的信息问题。回顾了资本服务测算的主要方面，即效率-年龄函数、折旧水平、指数问题与用户成本方法的应用前景。鉴于经济增长过程中资本服务相关性和动态变化，相应变量的准确测量是至关重要的。鉴于 HV 方法测算资本服务还处在探索和尝试阶段，文章尝试将资本存量与资本服务纳入统一框架体系，并就资本服务核算如何纳入国民账户体系以对我国资本项目进行测算精度研究。这一研究具有重要理论和实践意义。

A Study on the Estimation of Capital Services by Hedonic Valuation Method

This paper tests the depreciation of the capital goods of domestic building by using differential data through the hedonic valuation method（HV）instead of the most known Perpetual Inventory Method（PIM）. It also presents the comparison between two theoretical methods in economic literature：the assumptions in the PIM and the uncertain information of market prices in the HV. The paper reviews the main aspects of capital services estimation：age matters,depreciation rate,index number and the cost of users. Considering the dependency and the dynamic change of capital stock services in the process of economic growth,an accurate measurement of relevant variables is of the utmost importance. However,as HV Method is still in exploration and trial,this paper wants to take the capital stock and capital services into a unified frame. In order to study and estimate China’s capital and financial account, this paper makes recommendations on the establishment and improvement of China’s capital services accounting system,and wants to bring it in the system of national accounts.