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本文从GDP计算体系和经济增加值(EVA)分析方法着眼,对近年来中国经济增长与企业微观绩效之间的关系进行了理论和实证性的分析。研究结果表明,我国宏观和微观经济之间并不存在本质性的背离,所谓“悖论”之说缘于比照对象不当,但它同时也反映了我国增长方式的一些问题:我国经济在总规模快速扩张的同时,政府投资和企业投资的收益率水平都有不同程度的下降,反映了我国经济粗放式增长的典型特征;在微观层面上,虽然随着企业规模扩大的同时资产收益率都在下降,但这些年企业的EVA回报率基本趋势明显地在向好的方向发展,经济长期增长的微观基础有所加强。尤其是上市公司显示了较为优良的价值创造能力,为我国国民经济高速增长作出了重要贡献。寻找可持续的经济增长模式和激励机制,是未来中国政府应该关注的重点。
In this paper, from the GDP calculation system and economic value added (EVA) analysis of methods, the relationship between China’s economic growth and the micro-performance of enterprises in recent years conducted a theoretical and empirical analysis. The results of the study show that there is no essential deviation between the macroeconomics and the microeconomy in our country. The so-called “paradox” is not appropriate due to the comparison. However, it also reflects some problems in the growth mode of our country: At the same time, the return rate of government investment and business investment all declined to some extent, reflecting the typical characteristics of extensive economic growth in our country. At the micro level, although the return on assets Decline, but the fundamental trend of the EVA rate of return of enterprises in these years has obviously been moving in a good direction. The micro-economic foundation for long-term economic growth has been strengthened. In particular, listed companies have demonstrated their superior value-creating ability and made important contributions to the rapid growth of our national economy. Looking for a sustainable mode of economic growth and incentive mechanism, the Chinese government should focus on the future.