Coexistence Of Resource Curse And Excess Return Ratios Of Mining Companies And Analysis Of Reason For The Coexistence Based On Angle Of Return Distribution

From the domestic situation, natural resources of our country is distributed much uneven, the central and western regions are rich in resources, most of the eastern coastal areas are limited in natural resources. However, the reality of economic development is that central and western provinces with abundant natural resources have poorer economic performance than those eastern coastal provinces poor in natural resources. Many domestic scholars have studied the phenomenon, and get a fundamentally identical conclusion: existence of"resource curse"in regional economic dimension. Considering domestic scholars have conducted a comprehensive and systematic study about the existence of"resource curse"in regional economic dimension, I do not further study this phenomenon in this paper, and only utilize the results of research of many domestic scholars: the existence of"resource curse"in regional economic dimension in China.Currently, high returns of mining companies attract the concern of domesticscholars. About mining companies have excess return ratios whether or not, in this part of this paper, econometric method was used to study the existence. Study result tends to show that mining companies have excess return ratios.I argue that the main reason for the coexistence of"resource curse"in regional economic dimension and excess return ratios of mining companies in micro-economic level in this paper is inequitable distribution of resource development return. Then, I conduct a detailed analysis of the reason in this paper, what laid the foundation to resolve this contradiction.