中文摘要：

为考察边际报酬递减规律是否客观存在，本文使用我国38个行业、1238家上市公司1998—2006年的年报数据，建立了分行业的面板数据计量模型。回归结果表明。边际报酬递减规律只是客观存在干部分第二产业。而第一产业、第三产业的生产均满足边际报酬递增规律．边际报酬递减规律并不具有普遍意义。以人力资本为主要投入要素的第三产业出现边际报酬递增现象也暗示了．企业生产是边际报酬递增还是递减与人力资本投入要素相关。增加人力资本投入也许是传统工业提升生产效率、实现边际成本递减和边际报酬递增的有效途径。

英文摘要：

To judge if the law of diminishing marginal returns is objective existence, the paper establishes a econometric panel data model with the data of 1238 Chinese listed company in 38 industry during 1998 to 2006. The result indicate that the law of diminishing marginal returns partially exist in secondary industry, but not exist in primary industry and tertiary-industry. So the law of diminishing marginal returns is not a general law. Tertiary- industry used human resource as the major input factor has diminishing marginal returns, it imply that if a company＇s production satisfy the law of diminishing marginal returns is correlated with the human resource. The more human resource used by production may lead to the higher productivity of classical manufacturing, increasing marginal returns and diminishing marginal cost.