CAJ | 학술논문

采用资本租金公式法测算资本回报率，结果显示，房地产业发展拉低了资本回报率，2003年之后愈加明显。通过对房地产业投资和资本回报率关系的检验，发现房地产业投资对实体经济影响有限，短期拉动作用表现为年度贡献，长期内存在较大的波动效应；房地产业发展对资本回报率省际趋同效应的减弱日益显著。
채용자본조금공식법측산자본회보솔，결과현시，방지산업발전랍저료자본회보솔，2003년지후유가명현。통과대방지산업투자화자본회보솔관계적검험，발현방지산업투자대실체경제영향유한，단기랍동작용표현위년도공헌，장기내존재교대적파동효응；방지산업발전대자본회보솔성제추동효응적감약일익현저。
Using the formula for rent of capital, the analysis of return on capital shows that the development of the realestate industry has brought down the return to capital investment, especially since 2003. Through a test on the relationship be-tween real estate investment and return on capital, it is found that real estate investment is limited in its effect on the real e-conomy. It has a short-term stimulating effect in the year, but in the long run, there exist quite great volatility effects. It is al-so found that the decline of the growing convergence in the effects of real estate development on capital returns across differentprovinces becomes increasingly obvious, which means over development of the real-estate industry weakens optimal allocationof resources, and hinders sustainable development of economy.