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该文首先从CES生产函数出发,分析了消费率与资本密度的关系,研究表明:资本深化(浅化)对消费率的影响取决于要素替代弹性的大小。其次,基于我国要素替代弹性(大于1)的研究,观察了资本深化对消费率的抑制作用。更严格的计量分析也显示,消费率与资本密度增长之间的确存在着负向关系,并且这一关系相当稳健。再次,导致资本深化进而降低消费率的深层次原因分析显示,除了产业结构的规律性变迁,要素价格扭曲使各经济部门偏向选择资本密集型技术是导致我国资本深化进而降低消费率的一个显著因素。最后,本文提出了修正要素价格扭曲和加快产业结构调整的政策建议。
Based on the CES production function, the paper analyzes the relationship between consumption rate and capital density. The results show that the impact of capital deepening (shallowness) on the consumption rate depends on the size of the elasticity of factor substitution. Second, based on the research on the elasticity of substitution (greater than 1) in China, we observe the inhibitory effect of capital deepening on the consumption rate. More rigorous econometric analysis also shows that there is indeed a negative relationship between the rate of consumption and the increase in capital density and that the relationship is fairly robust. Thirdly, an analysis of the underlying causes leading to deepening of capital and reducing of consumption rate shows that in addition to the regular changes of industrial structure, the distortion of factor prices has caused various economic sectors to favor capital-intensive technology, which is a significant factor that leads to the deepening of capital in our country and the reduction of consumption rate . Finally, this paper puts forward some policy suggestions to amend the price distortion and accelerate the adjustment of industrial structure.