城市基础设施与企业生产效率关系的再思考——基于中国特色城市建设投融资模式的视角  

Rethinking about the Relationship between Urban Infrastructure and Enterprise Production Efficiency——Based on the Perspective of the Financing Mode of Chinese Urban Infrastructure Investment

作　　者：魏雅丽 刘凯 

机构地区：[1]广东省宏观经济信息分析中心 [2]东莞证券股份有限公司投资银行部

出　　处：《产经评论》2015年第4期148-160,共13页Industrial Economic Review

基　　金：广东省哲学社科"十二五"规划项目"城市扩张;房价变动与产业结构升级"(批准号:GD12CYJ01;主持人:顾乃华);教育部哲学社会科学研究重大课题攻关项目"加快发展我国生产性服务业研究"(批准号:11JZD023;主持人:李江帆)

摘　　要：已有研究表明基础设施对经济发展和企业生产效率存在正的外部性,但由于受到融资方面的限制,基础设施过度投资很可能加重企业负担从而对企业效率产生不利影响。从目前中国城市基础设施投融资模式的视角出发,进一步梳理基础设施对企业生产效率的影响机制,并基于2003—2007年中国工业企业微观数据,利用系统GMM模型进行实证分析。结果表明:(1)城市建设用地的抵押品效应和基础设施的资本化效应导致城市地价上升、基础设施投资过度等不利影响,由此加重企业负担、恶化企业创新环境,对企业生产效率产生负面影响。(2)在挤出效应和产出效应的综合作用下,城市基础设施投资对企业效率之间的影响存在显著的"倒U型"特征,且这一结论在不同所有制和不同城市规模之间存在差异性,非国有经济和大城市的"倒U型"特征更为明显。Existing studies have shown that infrastructure exist positive externality for economic development and the enterprise＇s production efficiency. However, due to the limitation of financing, the excess investment of infrastructure is also likely to aggravate the burden of enterprise and make bad influence to its efficiency. Therefore, from the perspective of the financing mode of urban infrastructure at present in China, this article has studied the mechanism that the infrastructure impacts on the enterprise production efficiency, used system GMM model to make some empirical analyses with the China industrial enterprise micro data from 2003 to 2007. Results indicate that： （ 1 ） the collateral effects of urban construction land and the capitalization effect of infrastructure lead to some adverse effects, such as urban land price rising, the excessive investment in infrastructure, which will increase the enterprise burden, worsen the innovation environment of enterprise and have a negative impact on the enterprise production efficiency. （2） under the combination of extrusion effect and output effect, the influence of the urban infrastructure investment to the enterprise efficiency shows a significant characteristic of ＂inverted U＂, and this conclusion is steady in different ownership and different size of cities, what＇s more, the characteristic of ＂inverted U＂ is more apparent in the non -state economy and big cities.

关 键 词：城市基础设施投资 企业效率 倒U型 土地财政 

分 类 号：F810.42[经济管理—财政学]