关键词: 金融发展 , 投资模式 , 资本回报率 , 技术进步

Abstract: This paper analyzes the impact of financial development on capital return in theory, and makes an empirical verification using the data of China provinces. The main conclusions are as follows: The capital return of China was relatively stable before 2008, after which there has been a significant decline, and the trend of regional convergence is obvious. Underdevelopment and overdevelopment of Chinas financial exist at the same time, and its impact on capital return are different in three regions, there is a “financial failure” phenomenon in the area of high investment expansion coefficient, a “financial curse” phenomenon in the area of low investment expansion coefficient, and a “structural imbalance” phenomenon in the area of middle investment expansion coefficient. Government intervention exacerbates the negative impact of financial development, but this effect is weakening. Capital accumulation does not contribute to technological progress，which is the reason of that capital stock has the negative effect on capital return. The laborintensive technological progress not only promoted the improvement of capital return, but also extends the period of investmentdriven growth. Technological progress is an important driving force for capital return of China.

Key words: financial development , investment model , capital return , technological progress