Study Of Estimates On State-owned Fixed Capital Stock Of China

Currently,China is undergoing a special time called New Normal with reforms of mixed ownership going in depth constantly.Being different from foreign countries' conception,which means that there are state-owned enterprises,private enterprises in economic society of one country,mixed ownership in China means that there are many kinds of capital like state-owned capital and collective capital in one enterprise.As a result,state-owned capital exists in not only state-owned enterprises but also enterprises of other forms of ownership.So it is difficult to measure the gross of state-owned capital exactly.However,regulating and deepening the reform of state-owned enterprises need the gross data.At the same time,the data also offers the data's basement of estimating and the best proportion of state-owned capital and how to optimize deploying of it.The existing researches of state-owned capital focus on the management or efficiency of companies and ignore the scale.This paper follows the economic definition of capital,definite capital with two sides.One side,we think that capital is the wealthy stocks,on the other side,we agree that capital is the flows of service that can be input in the process of production.We treat state-owned capital as a part of social capital that can be used in the process of production as one factor.Capital stock is the basement of calculate the gross of capital.This paper studies calculating the state-owned capital stock,aiming at providing the example of subsequent studies and expanding the areas of applying the PIM.Many national scholars estimated the capital stock by perpetual inventory method(PIM).The accounting subjects focus on the whole society,province or industry and ignore the accounting on capital type,especially state-owned capital.Based on this,this paper tried to use perpetual inventory method to establish the sequence of state-owned investment,ascertain state-owned depreciation under different economic background,calculate the initial capital stock of 1952,estimate the state-owned capital stock during 1952 to 2014 based on former studies.After that,this paper analyzed growth trend of future of state-owned capital stock.We draw some conclusions,first of all,perpetual inventory method is the most common method andcan also be applied to the field of the State-owned economy.Second,selected earlier calculating base year is conducive to eliminating the deviation,therefore the most appropriate for measuring the base year shall be the year 1952.Earlier base year results in longer time span,to eliminate statistical problems within this time span and make the estimates more realistic,the longer span should be divided into several shorter time intervals.Thirdly,the most important job in calculating the State-owned fixed capital stock is to find the right investment sequence and rate of depreciation.Fourthly,because depreciation cannot be unchanged,the depreciation rates of State-owned fixed assets can be divided into three periods which determined by different economic backgrounds.Being based on this,we can calculatethe basic year's State-owned fixed capital stock.Fifthly,China's State-owned fixed capital stocks showed a steady trend of growth,characterized by a cave path.Status of State-owned stock of fixed capital growth can be divided into slow growth(1952-1978),the steady expansion(1979-1992),the fast-growing(1993-present)in three stages,in line with China's economic development and reform of State-owned process.Finally,in the long term,the actual growth rate of State-owned fixed capital stock tends to be stable,but volatility significantly in the short term.