关键词: 资本存量, 折旧率, 资本产出比, 资本回报率

Abstract: This paper takes capital depreciation rate seriously. We employ econometric method to estimate capital depreciation rate of different provinces and the corresponding provincial capital stock at the same time. Then, we put forward new estimates of return tocapital based on the above results. The results show that: (1) Changes of depreciation rate not only reflect the difference between different regions in economic development, but, to some extent, reflect economic volatility. (2) The ratio of capital-output of China increases sharply in recently years, nonetheless, it remains within a reasonable range when compared with other industrial powers, which means there is no signs of excess capital accumulation. (3) Return tocapital maintained a high level before global financial crisis, followed by dramatic decline in the afterwards. Capital allocation efficiency in provinces, which constitute one of the backbone of return on capital, has improved in the past two decades. As a consequence,we can infer that low return tocapital is more a reflection of capital misallocation in different industries and enterprises than overinvestment, which may be a much more serious problem confronting Chinese investment.

Key words: Capital Stock;Depreciation Rate;Capital-Output Ratio, Return to Capital