Research On The Reunification Of Chinese Macro And Micro Rate Of Return On Capital

In recent years,based on Bai et al.(2006)and CCER(2007),the macro and micro rate of return on capital in China deviated in both levels and trends.Zhang Xun and Xu Jianguo(2014)revised the statistical caliber and estimation method of macro and micro capital return rate,and achieved statistically no difference between the two measurement results for the first time.On the basis of this,this paper uses the calculation method of return on capital including the cost of capital adjustment proposed by Liu Renhe et al.(2018)for reference,so as to further unify the macro and micro estimation methods and make the calculation results more consistent with the reality.In three cases of tax exclusion,the macro and micro rate of return on capital calculated by this method has no statistical difference.Compared with Zhang Xun's and Xu Jianguo's(2014)methods,the macro measurement results of this method are reduced by about 5% to 62%,while the micro measurement results are reduced by about 2% to 57%,and the volatility of return on capital of this method is increased.This paper also reflects the return on capital of industrial enterprises(industrial sector)with the return on capital of micro industrial enterprises.The calculation results of 1985-2016 show that the rate of return on capital of industrial enterprises(industrial sector)remains at 10% left and right under the condition of the decline of the macro overall return on capital.The above results show that under the "new normal" situation of China's economy,although the domestic economy is facing structural adjustment,there may still be a large profit margin for industrial enterprises(industrial sector)investment,and the fundamentals of industrial economy's long-term improvement remain unchanged.