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转移动态经济中的资本投入结构性效率与一国长期经济增长——基于107个国家与地区的增长经验分析
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TitleThe Structural Efficiency of Capital Investment And Long-term Growth in the Transfering Dynamic Economy  
作者刘毅群 黄先海  
AuthorLiu Yiqun and Huang Xianhai  
作者单位浙江财经大学经济学院;浙江大学经济学院 
OrganizationZhejiang University of Finance & Economics;Zhejiang University 
作者Email68814687@qq.com;hxhhz@126.com 
中文关键词转移动态 长期增长 资本结构性效率 结构边界 
Key WordsTransfer Dynamic; Long-term Growth; Capital Structural Efficiency; Structure Boundary 
内容提要当资本数量增长不再重要时,资本结构性效率几乎等同于长期增长。我们的理论模型阐述了资本投入结构性效率 的涵义及其对一国长期经济增长的重要意义,它有助于提升资本投入回报率,并形成投资激励和维系长期增长。我们利用1960-2011年间的经验数据估算了不同类型国家或地区的资本投入结构性效率的大小,解析了其形成原因。研究显示:发达经济体的资本投入结构性效率变动表现出一致性和较稳定的上升趋势,但在2000年以后这种增长趋势减缓,这也是当前发达经济体增长滞缓的一个诱因。除少数经济体外,大多数发展中经济体的资本结构性效率变动表现得不够稳定,且无显著增长趋势。中国等少数国家在资本积累的过程中,融合了技术进步因素,通过建立现代工业生产体系而获取了较高水平的资本结构性效率。但是,另一方面,资本数量扩张带来部分资本利用率下降,生产资本量趋于整个经济的现有结构边界,资本结构性效率下降压力增大。我们建议,加强资本质量创新、不同类型资本有机联系以及剔除过剩资本来提升资本结构性效率,拓展经济增长的新边界。 
AbstractCapital structure efficiency is almost equal to long-term growth when capital quantity growth is no longer important. Our theoretical model explain the meanings of the structural efficiency of capital and its implications to the long-term economic growth of a country. It improves the rate of return on capital investment, the incentives of investment and the growth momentum. We use the empirical data of 107 countries and regions from 1960 to 2011 to estimate the level of the capital structural efficiency and explain its formation. The study shows that the capital structural efficiency in developed economies experienced a consistent and stable upward trend which slowed down after 2000. This is one cause of the recent stagnation. With the exception of a small number of economies, the structural efficiency of capital in most developing economies fluctuates unsteadily, with no significant increase. China and other few high-growth countries integrate technological progress into the process of capital accumulation, and obtain a higher level of capital structural efficiency through the establishment of modern industrial production system. However, on the other hand, the expansion of the capital quantity bring some of the decline in capital utilization, the capital tends to close the existing structure border of the entire economy, and the decline pressure of the efficiency of capital structure begin increasing. We suggested that it should improve the structural efficiency of capital by the innovation of capital quality, the organic connection of different types of capital and eliminating the excess capital, and expand the new boundary of economic growth. 
文章编号WP1247 
登载时间2017-12-12 
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