Research On The Trend Of Capital Profit Rate In China’s Industrial Sector And Regional Differences

With China’s entering into the new normal stage of economic development,the total industrial profit growth rate has declined sharply,which has caused the people to worry about the economic growth efficiency and sustainable growth.Therefore,it is important to analyze the determinants of China’s capital profit rate from the theoretical and empirical aspects.The existing literature is based on the framework of industrial organization theory analysis,only from the technical efficiency level of the decision factors,ignoring the labor allocation,this article from the Marx economic theory framework to make up for this defect.In this paper,the research on the profit rate of industrial capital in China includes two aspects: the research of the time variation trend and the regional differences.On the one hand,since the late 1990 s,China’s industrial sector capital profit margin maintained sustained and rapid rise,but after the financial crisis,especially in 2010 after the industrial sector capital profit margins are showing a downward trend,this phenomenon is difficult to get a very good explanation in the existing academic representative interpretation.In this paper,the empirical model is used to analyze the impact factors,and the main factors affecting the efficiency of capital profit margin;().(1)the main factors that affect the rate of capital profit margin in 1983-1998 are: two or three.The main reason is that the main reason is that the main reason is that the main reason is that the main reason is that the main reason is that the main reason is that the main reason is that the main reason is that the main reason is that the main reason is that the main reason is that the main reason is that the main reason is that the main reason is that the share of profit is two.The main reason is that the profit margin is.The main reason is that the profit margin is.The main reason is that the profit margin is.The main reason is that the profit margin is.2.Fall The decline in the proportion of industrial sectors in China has been the impact of the decline in capital profit margins since 2010.From this,this paper argues that capital deepening theory,excessive competition theory and technological progress theory neglect the influence factors,and can not fully explain the time variation characteristics of China’s capital profit margin.On the other hand,there is a big difference between the different provinces and cities in China.Analysis of the influence factors of industrial capital profit rate of 29 provinces in China during 1994-2012 by using the provincial panel data.(1)The capital profit rate has a negative correlation with the capital deepening and industrial sector;(2)Technological progress,labor remuneration and economic growth significantly affect the capital profit rate;3)there is no evidence that the size of the state-owned economy has significant effect on the capital profit margin.(4)the industrial proportion and the proportion of the export share in the economic structure have a significant positive correlation.(5)There are regional differences in the factors that affect the capital profit margin.The restriction of the labor remuneration to the profit margin is less than that in the East and the west,and the capital deepening of the central region is more serious,the proportion of industry and the proportion of export to the capital profit rate is only in the middle part.