政府债务膨胀对私人投资的影响辨析  

Analysis of the Influence of Government Debt Expansion on Private Investment

作　　者：刘震[1] 潘小军[1] 蒲成毅[1] 

机构地区：[1]西南民族大学经济学院,成都610041

出　　处：《重庆工商大学学报（社会科学版）》2014年第5期27-34,共8页Journal of Chongqing Technology and Business University：Social Science Edition

基　　金：四川省统计局科学研究计划项目(2013sc41);西南民大应用经济学位点建设项目(2011XWD-S0202);中央高校团队项目(2014SZYTD01);国家社科基金(12XJL012);教育部一般规划(11YJA850016)

摘　　要：本文构建了一个包含三部门的动态随机一般均衡模型,对政府债务扩张是否挤出私人投资的问题进行研究。创新之处在于将财政政策工具细化为六项:政府消费支出、政府生产性投资支出、政府转移支付,以及对消费、劳动和资本征收的三种扭曲性比例税。研究发现:对政府债务膨胀是否挤出私人投资的问题不应该笼统地看待,应该深入探究债务扩张的根源。由于目前我国正处于全面深化改革的关键时期,所以正确认识政府债务扩张对私人投资的影响将会对进行中的财政体制改革起到积极的作用。This paper builds a Dynamic General Equilibrium Model consisting of three departments and studies whether govern.mental debt expansion squeezes out private investment, whose innovation lies in financial policy tool which is subdivided into suchsix items as governmental consumption expenditure, government production.type investment expenditure, governmental transferpayment, and the three.type distorted proportion taxes from consumption, labor and capital tax collection, and the research findsthat there should not have a unilateral viewpoint on whether government debt expansion squeezes out private investment but thesources for the debt expansion should be found out. Because Chins is currently stays in a key time for overall deepening reform,correctly understanding of the impact of government debt expansion on private investment will play an active role in the process offinancial system reform.

关 键 词：政府债务 私人投资 挤出效应 挤进效应 

分 类 号：F123.16[经济管理—世界经济]