使用1990-2012年杭州市规模以上工业企业的数据，对杭州规模以上工业企业的资本回报率进行了测度，然后使用修正后的模型，从人力资本的视角，对资本回报率的变动机制进行了分析，并使用杭州数据进行了实证检验。结果表明：杭州规模以上工业企业的资本回报整体上呈先降后升状况；人力资本在长短期均促进了资本回报率的提升，人力资本的溢出效应和无技术水平工人有着相反的影响；短期来看，资本存量降低了资本回报率，长期则有着促进作用，但程度较轻。%Using the data of industrial enterprises above the designated size from 1990 to 2012 ,the pa-per calculates the capital return rate of industrial enterprises above the designated size of Hangzhou ,then adopts the modified model to analyze the change mechanism of capital return rate basing on the perspective of human capital .Besides ,this paper makes an empirical test by use of the data of Hangzhou .T he results show that :the capital return of industrial enterprises above the designated size of Hangzhou reduces at first and then increases ;human capital promotes the rise in capital return rate in a short term and long term ,while spillover effect of human capital and unskilled workers have a negative effect ;capital stock has a negative impact on capital return rate in the short term ,but has a positive role in the long term .
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