CAJ | 학술논문

21世纪初以来,中国地区间人均地区生产总值和人均资本存量的差距均出现下降态势。通过对地区经济增长和地区差距变动两个过程的分解可以发现,地区差距变化是由资本增长所主导的,而理论上说资本增长又受资本回报率的控制。故从资本回报率这个角度考察地区差距,能够更清晰地揭示其变化的原因。作者构建了一个资本回报率影响资本增长机制的分析框架,考察了区域政策和市场壁垒的作用。实证分析结果显示：近年来地区差距缩小是区域政策主导的;资本回报率对资本增长的影响不再显著,说明市场机制可能存在被扭曲现象,而区域政策很可能是最重要的扭曲来源。由此,区域政策应由直接干预经济活动向通过调节再分配、缩小可支配收入的地区差距转变。
21세기초이래,중국지구간인균지구생산총치화인균자본존량적차거균출현하강태세。통과대지구경제증장화지구차거변동량개과정적분해가이발현,지구차거변화시유자본증장소주도적,이이론상설자본증장우수자본회보솔적공제。고종자본회보솔저개각도고찰지구차거,능구경청석지게시기변화적원인。작자구건료일개자본회보솔영향자본증장궤제적분석광가,고찰료구역정책화시장벽루적작용。실증분석결과현시：근년래지구차거축소시구역정책주도적;자본회보솔대자본증장적영향불재현저,설명시장궤제가능존재피뉴곡현상,이구역정책흔가능시최중요적뉴곡래원。유차,구역정책응유직접간예경제활동향통과조절재분배、축소가지배수입적지구차거전변。
Many studies show that since the beginning of this century, the regional disparity of GRP per capita and capital stock per capita are both narrowing. According to the result of decomposing the regional economic growth and variation of regional disparities,we found that capital accumulation is playing the most important role in regional disparities. In theory,capital accumulation should be controlled by return to capital. So the return to capital is exactly the key to understand the reason of regional disparities change. This paper builds a framework to analyze the impacts of return to capital accumulation,and focuses on the effects of regional policy and market barrier in this framework. Then we use econometric model to test this impact. The estimation output shows that regional policy has become the main driver of capital accumulation,but this is at the cost of distorting capital market and sacrificing efficiency to some extent. Finally,this paper presents that regional policy should narrow regional disparities by redistributing,instead of intervening in the economy directly.