【摘要】可靠的资本存量数据是分析许多宏观经济问题的前提，但对我国资本存量的估算存在着许多差异较大的版本。本文对比了文献中的主要估算方法，形成了如下几个判断——折旧率的设定是对估算结果影响最大的环节；基期资本存量的差异的影响很小；价格指数则基本可形成共识；固定资本形成总额与全社会固定资产投资的表现很相近，前者稍优。对投资流量怎么选取，仍是一个存有悬疑的问题。若需判断文献中的研究结论，折旧率与投资流量需着重关注。

关键词    资本存量，折旧，投资流量，全要素生产率

中图分类号：F061.2                        文献标识码：A

Comparative Analysis on Estimates

of Capital Stock for China

Abstract： Reliable estimates on capital stocks are a premise for macroeconomic analysis. However, there are many versions of estimates for capital in China. This paper discusses the main estimation methods in the literature and reaches the followings judgment: The specification on depreciation rate has the largest influence on capital estimates; gross fixed capital formation presents similar performance to total investment in fixed assets, but with the former a little better; the differences in base year capital have little effect; consensus can be obtained for investment price index. How to make a correct choice among several candidates of investment flows remains a problem. If one ties to understand the discrepancies in the literature, the choices on depreciation rates and investment variables are the two aspects that needs prior attention.

Key words：Capital Stock, Depreciation, Investment Flows, Total Factor Productivity

JEL Classification: E22, O47, O53