Abstract Based on estimating three kinds of productive service resource agglomeration, this paper takes advantage of spatial panels to study the effects of productive service resource agglomeration on the capital return rate in manufacturing industries from several aspects. The results show that: firstly the agglomeration of productive service and co-agglomeration of the productive service and the manufacturing industry will improve the capital return rate of manufacturing, while the co-agglomeration of productive service and agriculture industry has negative effects on capital return rate in manufacturing industries, the negative effects start from 2012. Secondly, although the positive effects of co-agglomeration of the productive service and manufacturing industry on capital return rate in manufacturing industries are greater than the agglomeration of productive service, co-agglomeration’s positive effects only occur within a distance of 300km. Thirdly, the improvement of employment density, human capital and productive rate will do good to the capital return rate in manufacturing industries. R&D input effects on the capital return rate in manufacturing industries is insignificant. The improvement of the capital return rate in manufacturing industries relies on the promotion of labor skill and technology.
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