中文摘要：

本文区分了资本财富存量估算和资本服务流量估算的差异,并使用OECD的资本测算框架估算了具有国际可比性的我国行业层面资本存量和资本流量数据。结果表明,同发达国家相比,不管是资本产出比还是资本收益率数据,都不能说明我国资本积累过度;但基础设施行业的资本积累速度明显偏快。从资本流量估算结果发现,制造业的资本生产率在提高,而第三产业特别是基础设施行业资本生产率在下降;第三产业的产出增长主要来自资本的贡献;而行业间资本再配置效应为负。

英文摘要：

Capital are both storage of wealth and a source of capital services in produc- tion, they are not independent of each other. There is no standard capital stock estimates in China＇s official statistics. Ourpaper is topresent a consistent capital measurement of capital stocksalongside with the capital services. From our estimation result, China capital accumulation is not excessive. We can find wide range of industry capital input growth rate, service had a high capital accumulation speed, while agriculture and machinery had a low accumulation speed.