CAJ | 학술논문

考虑到中国省际资本品与最终产品的价格可能存在差异，本文利用中国省际宏观数据，重新估算了1993-2008年中国各省份的实际资本边际报酬，推算均衡人均资本与产出，由此计算出产出无谓损失。研究表明，与名义资本边际报酬类似，我国各省份的实际资本边际报酬呈现人均产出较高的东部地区高于人均产出较低的中西部地区的状况。资本边际报酬的显著差异说明我国存在资本的无效率分布。据计算，资本无效分布造成的产出无谓损失大致占当年总产出的7％～10％左右。其中，近90％是由于政府干预下资本流动受阻造成的无谓损失，而由于投资价格水平差异造成的损失仅占10％。
고필도중국성제자본품여최종산품적개격가능존재차이，본문이용중국성제굉관수거，중신고산료1993-2008년중국각성빈적실제자본변제보수，추산균형인균자본여산출，유차계산출산출무위손실。연구표명，여명의자본변제보수유사，아국각성빈적실제자본변제보수정현인균산출교고적동부지구고우인균산출교저적중서부지구적상황。자본변제보수적현저차이설명아국존재자본적무효솔분포。거계산，자본무효분포조성적산출무위손실대치점당년총산출적7％～10％좌우。기중，근90％시유우정부간예하자본류동수조조성적무위손실，이유우투자개격수평차이조성적손실부점10％。
The current papers focusing on China＇s provincial marginal products of capital do not consider the difference of investment and final products. So MPK is nominal variable. Based on the data of real capital stock, a revised labor supply, and the prices of investment products and final commodity, we calculate the real MPK during 1993-2008 of major provinces of China. The result presents that, generally, provincial PMPK decreases from east to west areas each year, while decrease simultaneously. The unequal MPK and PMPK signal the inefficient capital allocation through the country, which causes dead weight lost approximately 7%- 10% of the GDP. According to analysis, the DWL resulted by friction of capital flowing takes up 90% of the whole lost, and unequal price of investment goods 10%. That the critical factors causing DWL are imperfections of the financial markets and disadvantageous investment environment in western areas is concluded.