财政政策调整对私人部门投资的影响——基于政策需求和供给管理更迭的思考  

The Impact of Fiscal Policy Adjustment on Private Sector Investment:Rethinking on the Change of Demand and Supply Management of Fiscal Policy

作　　者：马海涛 朱梦珂 MA Haitao;ZHU Mengke(School of Public Finance and Taxation,Central University of Finance and Economics,Beijing 100081,China)

机构地区：[1]中央财经大学财政税务学院,北京100081

出　　处：《中南财经政法大学学报》2022年第1期14-25,共12页Journal of Zhongnan University of Economics and Law

基　　金：国家社会科学基金重大项目“实质性减税降费与经济高质量发展”(19ZDA070)。

摘　　要：本文梳理了中国近20余年来财政政策调整及其与私人部门投资之间的内在联系。在应对两次金融危机时,中国实施的积极财政政策以需求管理为主,通过扩大财政赤字、增加政府投资等总量刺激政策改善市场需求拉动企业投资。2011年经济进入增速放缓期后,财政政策逐渐侧重供给管理,但在一定时期仍采用供需两端双管齐下的模式进行调控。除受市场整体需求收缩影响外,中国金融机构存款余额与社会融资规模存量之间差距扩大,以及企业二元产权结构内生出的融资成本分化现象逐步成为制约总量性财政政策效应发挥的关键。2016年后因结构性问题凸显,财政政策偏向以供给管理为主,如实施税收改革、减税降费等政策。在“十四五”这一重要战略机遇期,财税体制改革的发力点仍在于稳定总量与结构调整并行,采取加强政府债务融资管理、进一步调整减税方向、平衡不同所有制企业的投资结构等措施,激发微观主体投资活力。This paper reviews the internal relationship between China's fiscal policy adjustment and private sector investment in recent 20 years.In response to the two financial crises,the implementation of active fiscal policy was based on demand management,by expanding the fiscal deficit,increasing government investment and other aggregate stimulus policies to improve the market demand and drives enterprise investment.After the global financial crisis,fiscal policy was gradually based on supply management,but in a certain period,it still adopted the two pronged model of supply and demand for regulation.In addition to the impact of the contraction of the overall market demand,the widening gap between the deposit balance of China's financial institutions and the stock of social financing scale,as well as the differentiation of financing costs within the dual property right structure of enterprises have gradually become the key to restrict the effect of aggregate fiscal policy.After 2016,due to the prominent structural problems,the fiscal policy tends to be based on supply management,such as the implementation of tax reform,tax reduction and fee reduction policies.At present,our country is in"14th Five-Year Plan"this important strategic opportunity period,the key to the reform of the fiscal and taxation system is still to stabilize the total amount and adjust the structure.By strengthening the management of government debt financing,further adjusting the direction of tax reduction and balancing the investment structure of enterprises with different ownership to stimulate the investment vitality of micro subjects.

关 键 词：财政政策 需求管理 供给管理 企业投资 

分 类 号：F812[经济管理—财政学]