我国资本回报率估测(1978-2006)-新一轮投资增长和经济景气微观基础

本文估测我国改革开放时期工业企业资本回报率九个系列指标,并在此基础上系统观察我国资本回报率长期走势特点、资本回报率与经济景气短期波动关系、物价变动因素对资本回报率影响、不同类型企业资本回报率以及中外资本回报率比较等问题。本文发现的经验证据提示我国新一轮投资较快增长和经济景气具有相当程度微观基础,因而对反思和探讨宏观调控政策措施选择问题具有借鉴意义。

MEASUREMENTS OF CHINA'S CAPITAL RETURN (1978-2006):MICROECONOMIC UNDERPINNINGS FOR THE RECENT ECONOMIC BOOM IN CHINA

THIS PAPER MEASURES 9 INDICATORS OF CAPITAL RETURN FOR THE CHINESE INDUSTRIAL FIRMS DURING THE PERIOD OF 1978-2006. IT EXAMINES THE ISSUES SUCH AS THE TREND OF PROFITABILITY, DIFFERENCES OF PROFITABILITY BETWEEN VARIOUS CATEGORIES OF FIRMS, IMPACTS OF INFLATION ON THE PROFITABILITY CALCULATED USING THE CORPORATE ACCOUNTING DATA, COMPARISON OF PROFITABILITY AMONG CHINA, JAPAN AND THE US. EVIDENCE FOUND BY THE PAPER INDICATES THE MICRO-ECONOMIC UNDERPINNINGS FOR THE CHINESE ECONOMIC BOOM IN RECENT YEARS.