The Estimation Of Capital Stock And Technological Progress On China's Industrial Small And Medium-sized Enterprises

With the rapid development of market economy,small and medium-sized enterprises have created huge national wealth with the keen marketable insight and flexible ways of production and operation,which is an important factor of economic sustainable development and prosperity and stability of the society.Throughout our country,small and medium-sized enterprises play an important role in the support for economic growth,employment,technological progress and structural adjustment.The rapid development of small and medium-sized enterprises attracts more and more widespread attention.But because of the limitation of its own funds and financing problems caused by information asymmetry,it is difficult for small and medium-sized enterprises to maintain the capital investment on a large scale.These characteristics make the law of development of small and medium-sized enterprises differ from the large enterprises.Therefore,the study on the capital accumulation process and the factors behind rapid growth of small and medium-sized enterprises not only has great significance for reference for large enterprises,but also has a far-reaching influence on changing the way of economic growth.Through collecting large amounts of historical data about industrial small and medium-sized enterprises(SMEs),we calculate the capital stock of industrial small and medium-sized enterprises from 1980 to 2010 in our country by applying the classic method of capital stock accounting-Perpetual Inventory Method.The annual growth rate of capital stock by fixed price is 13.60%during this period.By the analysis of the capital output ratio and capital labor ratio,it shows that the process of capital accumulation of industrial SMEs speeds up in 2003,and industrial SMEs have started to make the transition to capital-intensive enterprises.But the capital productivity is not raised,which reflects the investment lacks efficiency.On the base of the capital stock,we use transcending logarithm production function to analyze the economic growth process of SMEs and to calculate the rate of technological progress.The results show that the key of output growth of SMEs is productive factor input,and the output elasticity of labor factor is greater than the output elasticity of capital;the elasticity of substitution of capital and labor is about 0.97,appearing a slowly rising trend,which conforms to the fact that the mobility of production factors is strengthened resulting from China's marketization;neutral technological progress is playing an increasingly important role,but biased technological advance is slow,so the osmosis of technology must be improved;the difference of technological progress between capital and labor is not significant and this difference is narrowing.