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为考察边际报酬递减规律是否客观存在,本文使用我国38个行业、1238家上市公司1998—2006年的年报数据,建立了分行业的面板数据计量模型。回归结果表明,边际报酬递减规律只是客观存在于部分第二产业,而第一产业、第三产业的生产均满足边际报酬递增规律,边际报酬递减规律并不具有普遍意义。以人力资本为主要投入要素的第三产业出现边际报酬递增现象也暗示了,企业生产是边际报酬递增还是递减与人力资本投入要素相关。增加人力资本投入也许是传统工业提升生产效率、实现边际成本递减和边际报酬递增的有效途径。
In order to investigate whether the law of diminishing marginal returns objectively exists, this paper uses the annual report data of 38 industries and 1238 listed companies from 1998 to 2006 in our country to establish a panel data econometric model for each industry. The regression results show that the law of diminishing marginal returns only exists objectively in part of the secondary industries, while the production of the primary and tertiary industries meets the law of increasing marginal returns. The law of diminishing marginal returns does not have universal significance. The phenomenon of increasing marginal returns in the tertiary industry with human capital as the main input element also implies that whether the marginal returns increase or decrease in enterprise production is related to the factors of human capital input. Increasing the input of human capital may be an effective way for traditional industries to increase production efficiency, reduce marginal cost and increase marginal returns.