关键词: 资本利用率, 宏观测算, 统计指标, 微观解构

Abstract: Ignoring capital utilization rate when analyzing economic growth and estimating productivity will lead to incorrect estimates of the economic production. Aiming at the shortcomings of existing studies in the macro measurement of capital utilization rate, the article constructs a new macro measurement framework of capital utilization rate, defines the statistical connotation and content of capital utilization rate and designs a macro statistical indicator from capital production capacity and actual use of capital. On the basis of this measurement framework, combining the existing government statistical data, the article estimates China’s capital utilization rate since 1978 from a macro perspective, uses the financial indicators of listed companies to carry out a micro-level calculation and contrast, and establishes an analysis mechanism from the trend of macro-measurement results to the deconstruction of micro-data. On the whole, the average level of China’s capital utilization rate is 76.28% since the reform and opening up. After experiencing the trend of “volatility→rise in volatility→decline”, the capital utilization rate began to pick up in 2017 which is mainly due to the improvement in the capital utilization status of mining and manufacturing industries, as well as the incremental effect brought about by “adjusting the structure” and “making up the shortcomings”. This research provides theoretical and methodological support for the macro-evaluation of capital utilization rate, and also provides new ideas for the treatment of capital investment indicators in economic growth research and economic structure analysis.

Key words: Capital Utilization Rate, Macro Measurement, Statistical Indicators, Microstructure Analysis