关键词: 盈利能力, 成本加成率, 总资产回报率, 基于数量生产函数估计

Abstract: This paper constructs an applied framework of quantity-based production function estimation specific to Chinese industrial firms. Using Annual Survey of Industrial Firms in China, we obtain the estimates of firm-level markups during the year of 1998~2007. As an economic measure of firm profitability, we compare it with the accounting indexes, such as accounting markup, ROA, ROE. It shows that quantity-based markup is in accordance with accounting indexes from the view of different time and ownerships. However, when it comes to the industry level, the result is quite different. Specifically, the choice of industry-level accounting policies and ignorance of implicit factor payment may significantly bias the accounting rate of return, thus yielding a false economic profitability.

Key words: Profitability, Markup, ROA, Quantity-based Production Function Estimation