资本上的回来的率是在养老金改革政策做的一个关键参数。当评估养老金改革时,方法 Feldstein 建议资本上的回来的率广泛地被采用到措施。这里,我们由这个方法在中国在资本上计算回来的率。计算证明所有工业企业上的回来的率从 1996 ~ 2000 在 6.5% 附近,;国有工业企业上的回来的平均的率在一样的时期期间是比在 1.5% 的上述数字低的。最后,我们得出回来从 5 ~ 7%的率为在中国的养老金改革是适当的一个结论。
The rate of return on capital is a key parameter in pension reform policy making. While evaluating pension reform, the method Feldstein proposed to measure the rate of return on capital is widely adopted. Here we calculate the rate of return on capital in China by this method. The calculation demonstrates that the rate of retum on all the industrial enterprises is around 6.5 percent from 1996 to 2000, and the average rate of return on state-owned industrial enterprises is lower than the above figure by 1.5 percent during the same period. Finally, we draw a conclusion that the rate of return ranging from 5 to 7 percent is appropriate for the pension reform in China.