资本配置、体现式技术进步与我国经济的高质量持续增长

资本间合理配置对我国经济的高质量持续增长至关重要。基于一个含有建筑资本与设备资本的增长模型,首先对经济增长率同建筑资本与设备资本比率之间的关系进行了理论分析。结果表明：建筑资本与设备资本比率越偏离稳态,经济增长率越高,在稳态的左（右）侧,经济增长率同建筑资本与设备资本比率负（正）相关。然后,基于2008~2017年我国省级面板数据,实证检验了两种资本配比对我国经济增长的影响。结果表明：金融危机之后我国经济增长率同建筑资本与设备资本比率呈现出负相关关系。更深层次的实证分析结果表明,由于建筑资本与设备资本比率上升,使得蕴含在设备资本中的体现式技术进步率降低,从而降低了近年来我国经济增长率。因此,欲保证未来我国经济的高质量持续增长,必须降低建筑资本与设备资本比率以提高资本体现式技术进步率。

Capital Allocation,Embodied Technological Progress and High-Quality Sustained Growth of China's Economy

Rational allocation of capital is very important for China to maintain an appropriate growth rate on the premise of ensuring economic quality. Based on a growth model with construction capital and equipment capital, this paper first makes a theoretical analysis of the relationship between economic growth rate and the ratio of construction capital to equipment capital. The results show that the more the ratio of construction capital to equipment capital deviates from the steady state, the higher the economic growth rate. On the left (right) side of the steady state, the economic growth rate is negatively (positively) correlated with the ratio of construction capital to equipment capital. Secondly, based on the provincial panel data from 2008 to 2017, this paper empirically examines the impact of the two capital ratios on China's economic growth. The results show that there is a negative correlation between China's economic growth rate and the ratio of construction capital to equipment capital. The deeper empirical analysis results show that because the ratio of construction capital to equipment capital increases, embodied technological progress rate in equipment capital decreases, which reduces the economic growth rate. Therefore, in order to make our economy grow continuously with high quality, we must reduce the ratio of construction capital to equipment capital. Based on the above conclusions, this paper puts forward corresponding policy recommendations.