资本收益率是影响养老金改革的关键因素。在分析养老金改革时,大多数国家采用 Feldstein 提出的方法测算资本收益率。本文首先估算了1982—2000年全国工业企业和国有工业企业的净利息支出.并首次用 Feldstein的方法估计1982—2000年全国工业企业和国有工业企业的资本收益率。结果显示从1996年起,全国工业企业的资本收益率基本稳定在6%左右,国有工业企业的资本收益率约低1.5个百分点。 The rate of return on capital is a key factor affecting pension reform. In analyzing the pension reform, most countries use the method proposed by Feldstein to measure the return on capital. This paper first estimates the net interest expense of industrial enterprises and state-owned industrial enterprises from 1982 to 2000. For the first time, Feldstein’s method is used to estimate the return on capital of national industrial enterprises and state-owned industrial enterprises from 1982 to 2000. The results show that since 1996, the return rate of capital of industrial enterprises in the country has basically stabilized at about 6%, and that of state-owned industrial enterprises is about 1.5 percentage points lower.