关键词: 关键词：时变弹性生产函数, 半参数变系数模型, 广义似然比检验, 条件自助法, 劳动收入份额

Abstract: Abstract：Despite the advantages of simple structure, definite interpretation and easy estimation, The Cobb-Douglas production function is suffering from the unreasonable neutral assumption of the constant output elasticity. Applying profile least square method to estimate the semi-parametric varying coefficient model, this paper puts forward statistical and economic tests for the time-varying elasticity production function model. China’s empirical results find the null hypothesis of Cobb-Douglas production function is accepted by the generalized likelihood ratio test, while it’s rejected by the economic test. The time-varying elasticity production function is more suitable for its accurate economic interpretation and non-neutral assumption.

Key words: Key words: Time-varying Elasticity Production Function, Semi-parametric Varying Coefficient Model, Generalized Likelihood Ratio Test, Conditional Bootstrap, Labor Share