中文摘要：

本文针对中国制造业企业,构建了一个基于数量生产函数估计的应用框架,利用中国规模以上工业企业数据库估算了1998—2007年企业层面的成本加成率值。作为企业盈利能力的经济学测度指标,本文将其与会计指标（会计法成本加成率、ROA、ROE）进行了比较。结果显示,基于数量的成本加成率与会计指标在分年份和所有制比较时结果较为一致,但分行业的比较结果相差较大,其原因是：行业层面会计政策的选择、隐含要素支付的忽视等因素会较大程度令会计回报率产生偏离,从而导致其无法真实反映企业的经济盈利能力。

英文摘要：

This paper constructs an applied framework of quantity-based production function estimation specific to Chinese industrial firms. Using Annual Survey of Industrial Firms in China,we obtain the estimates of firm-level markups during the year of 1998 ～ 2007. As an economic measure of firm profitability,we compare it with the accounting indexes,such as accounting markup,ROA,ROE. It shows that quantity-based markup is in accordance with accounting indexes from the view of different time and ownerships. However,when it comes to the industry level,the result is quite different.Specifically,the choice of industry-level accounting policies and ignorance of implicit factor payment may significantly bias the accounting rate of return,thus yielding a false economic profitability.