投资审批体制改革推动投资增长了吗——来自2004年中央投资审批体制改革的经验证据  

Does the Investment Approval System Reform Promote Investment?Evidence from the Reform of the Central Government Investment Approval System in 2004

作　　者：王贤彬[1] 黄亮雄 WANG Xianbin;HUANG Liangxiong(Jinan University,510632;South China University of Technology,510006)

机构地区：[1]暨南大学经济学院,510632 [2]华南理工大学经济与贸易学院,510006

出　　处：《财贸经济》2020年第3期49-65,共17页Finance & Trade Economics

基　　金：国家自然科学基金面上项目“行政审批改革的经济增长效应研究:理论机制、实证识别与政策设计”(71773038);教育部哲学社会科学重大攻关项目“我国全要素生产率提升与测算研究”(17JZD013);中央高校基本科研业务费专项资金项目“深化‘放管服’改革推动产业结构升级研究”(2018ZDXM07)。

摘　　要：中国经济由高速增长转向高质量发展的新阶段,亟须重塑经济增长的投资动能。本文以2004年中央投资审批体制改革为自然实验,采用双重差分法和三重差分法考察了投资管制调整的投资效应。研究发现,投资审批体制改革导致投资管制程度放松,促进了相关行业和领域的投资扩张。投资管制程度放松的投资效应在规模相对小和获得政府补贴相对少的企业中更为明显,而且在地区市场化程度和地方政府效率相对低的地区更为明显,表明管制程度放松压缩了地方政府及官员干预和控制企业投资的空间。本文研究还发现投资审批体制改革具有投资效率提升的效果。本文验证了放松管制所具有的积极的经济效应,为进一步深化经济体制改革提供了政策思路。China's economy has shifted from high-speed growth to a new stage of high-quality development,and there is an urgent need to reshape the investment momentum for economic growth.This paper studies this from the perspective of investment control adjustment.This paper takes the reform of the central government investment approval system in 2004 as the natural experiment,and uses the differences-in-differences method and the DDD method to empirically study the investment effect of investment control relaxation.We find that the reform of the investment approval system has relaxed investment control and thus promoted the expansion of investment in related industries and sectors.The effect is more obvious in smaller enterprises which receive less government subsidies,and in regions with relatively low degree of regional marketization and relatively low efficiency of local governments,which indirectly shows that deregulation reduces the space for local governments and officials to intervene and control enterprise investment.This paper also finds that the reform of investment approval system can improve investment efficiency.The findings verify the positive economic effects of deregulation and provide feasible policy ideas for further deepening economic restructuring.

关 键 词：投资审批体制改革 投资增长 双重差分法 

分 类 号：F202[经济管理—国民经济]