关键词: 生产性资本存量, 年限-效率模式, 资产效率损失参数, 全社会资产平均耐用年限

Abstract: This paper studies the accounting of China’s productive capital stock considering the selection of age-efficiency profiles. Based on the steps of the Perpetual Inventory Method (PIM) in the calculation of productive capital stock, the paper comprehensively uses multi-source data to make targeted estimation of key parameters such as the asset service life and capital efficiency loss parameter, measures the productive capital stock in different ageefficiency profiles, and discusses the selection of the age-efficiency profiles with the measurement of the total factor productivity (TFP) as the standard. The main marginal contributions are: ①It applies the linear programming method to the calculation of the average durability of the entire social assets; ②Itproposes the estimation method and testing ideas of the efficiency loss parameter under the hyperbolic age-efficiency profile; ③It shows that productive capital stock measured in the hyperbolic age-efficiency profile is more suitable for the analysis of China’s TFP. The paper proposes incorporating the hyperbolic age-efficiency profile in the theoretical research and practical application of the China’ s capital stock accounting,and the efficiency loss parameter of the age-efficiency profile at the aggregate level is 0.58. This research helps to standardize the research paradigm of China’ s capital stock accounting, and improve the accounting method of China’s capital stock.

Key words: Productive Capital Stock, Age-Efficiency Profile, Asset Efficiency Loss Parameter, Average Durability of the Entire Social Assets