Dynamic Estimation on Output Elasticity of Highway Capital Stock in China

1st International Global on Renewable Energy and Development

Li, W.J.^1 ; Zuo, Q.L.^1 ; Bai, Y.F.^2

School of Economics and Management, Chang' An University, Xi'an

710064, China^1

School of Mathematics and Computational Science, Xiangtan University, Xiangtan

411100, China^2

关键词: Capital stock;    Dynamic estimation;    Input factors;    Rapid growth;    Ridge regression;    State;    space models;    Technical levels;    Trans-log production functions;   

Others  :  https://iopscience.iop.org/article/10.1088/1755-1315/100/1/012158/pdf
DOI  :  10.1088/1755-1315/100/1/012158

来源: IOP

【 摘 要 】

By using the Perpetual Inventory Method to calculate the capital stock of highway in China from 1988 to 2016, the paper builds the State Space Model based on Translog Production Function, according to the Ridge Regression and Kalman Filter Method, the dynamic estimation results of output elasticity are measured continuously and analyzed. The conclusions show that: Firstly, China's growth speed on highway industry capital stock are divided into three stages which are respectively from 1988 to 2000, from 2001 to 2009 and from 2010 to 2016, during which shows steady growth, between which reflect rapid growth; Secondly, the output elasticity of highway capital stock, being between 0.154 and 0.248, is slightly larger than the output elasticity of human input factor, lower than the output elasticity of the technical level, shows positive effect on transport economy and rises steadily, but the output efficiency is low on the whole; Thirdly, around the year of 2010, the scale pay on highway industry begins to highlight the characteristic of increase.