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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。
Since the beginning of the 21st century, the gap between the per capita GDP and the per capita capital stock in China has shown a downward trend. Through the decomposition of the two processes of regional economic growth and regional disparity change, we can see that the regional disparity change is dominated by capital growth, while in theory the capital growth is controlled by the return on capital. Therefore, examining the regional disparities from the perspective of the rate of return on capital can reveal the reasons for the change more clearly. The author constructs an analytical framework for the impact of capital rate of return on capital growth and examines the role of regional policies and market barriers. The result of empirical analysis shows that in recent years, the regional disparity is dominated by the regional policies; the impact of the return on capital on capital growth is no longer significant, indicating that the market mechanism may be distorted, and that regional policies are likely to be the most important sources of distortions. As a result, regional policies should shift from directly intervening economic activities to regional disparities through the regulation of redistribution and the reduction of disposable income.