关键词: 工业行业, CES 生产函数, 门限效应

Abstract: In this paper, we build two-level CES production functions with capital, labor and energy as inputs, and is the first time to estimate the parameters using nonlinear measurement and compare all nesting structures, based on the data of 36 industries from 1980-2011 in China. Also, the threshold effects of CES production function are tested by taking capital/labor ratio as threshold variable. The results show that: (1) for the three CES nesting structures, most industries can reject the elasticity of substitution equal to one, suggesting that the choose of C-D model in many researches is questionable. (2) for the three CES nesting structures, only few industries cannot reject the returns to scale equal to one, indicating that the hypothesis of constant returns to scale faces high risk in a model. (3) overall, most industries can reject that all three inputs can be put into one single nest. (4) on the whole, the nesting structure where capital and energy are combined first, fits the situation in China best. (5) for most industries, the threshold effects are significant, and the threshold mostly appeared after 1990s, which indicates the performances of elasticity of substitutions, technical progress parameters and returns to scale made a significant change as the capital/labor ratios rising.

Key words: Industries, CES Production Function, Threshold Effect