关键词: 住宅, 资本存量, 资本回报率, 地级及以上城市

Abstract: Based on the perpetual inventory method, this paper innovatively estimates the residential capital stock of 285 prefecture or higher-level cities in China in the period of 1997-2016. We discussed the characteristics of residential capital stock and also estimate the return on capital ratio. The estimate results show that the first point is the annual growth rate of residential capital stock is remarkably higher than annual growth rate of GDP for all cities; the second one is cities in every region and every tier (especially those in western region or second-tier) have been seen a continuous upward trend in per residential capital stock; the third one is that the return on capital ratio of all cities in every region and every tier shows a continuous downward feature, except for the first-tier city. However, the differences of the return on capital ratio in regions or tiers are shrinking. In short, the rapid growth of residential capital stock may have negative impacts on investment efficiency, and this should have paid more attention.

Key words: Housing, Capital Stock, Return on Capital Ratio, Prefecture or Higher-Level City