政府投资性支出挤出企业的投资吗?  

Does Government Investment Expenditure Crowd out Corporate Investment?

作　　者：张凯强 ZHANG Kai-qiang(Research Institute for Economic Strategy,Chinese Academy of Social Sciences,Beijing 100006,China)

机构地区：[1]中国社会科学院财经战略研究院,北京100006

出　　处：《云南财经大学学报》2022年第6期31-47,共17页Journal of Yunnan University of Finance and Economics

摘　　要：立足于中国地方政府偏向投资性支出和中国“高投资”的典型事实,刻画政府投资与私人投资之间的逻辑机制。理论机制发现,在Barro(1990)的内生增长模型中加入考虑企业调整成本的投资行为,中国地方政府的投资性支出偏向与企业投资水平的提高具有不确定性。在经验分析中,分别基于中国企业和地级市面板数据,发现政府投资性支出占财政支出比值提高10%,企业固定资产投资净投资率将增加0.54%,而该地区的固定资产投资占比的增长幅度超过1.8%;进一步发现,地方政府投资性支出具有较高的外溢效应,是中国“高投资”典型事实的形成因素之一。因而,应该科学地设计和制定政府投资性支出,引导和优化市场主体间的投资结构,完善政府与市场关系,促进供给侧结构性改革,推动区域经济发展和稳定。Based on local government’s preference for investment expenditure in China and the typical facts of China’s “high investment”,the paper portrays the logical mechanism between government investment and private investment. The theoretical mechanism finds that adding the investment behavior considering the adjustment cost of enterprises into Barro’s(1990) endogenous growth model, it can be found that the local government’s preference for investment expenditure and the improvement of corporate investment level are uncertain. In the empirical analysis, based on panel data of Chinese enterprises and prefecture-level cities, it is found that once the proportion of government investment expenditure in fiscal expenditure improves by 10%,the net investment rate of enterprise fixed assets investment will increase by 0.54%. Besides, once the proportion of fixed asset investment in the region has increased by more than 1.8%,local government investment expenditure has a high spillover effect, which is one of the factors that form the typical fact of “high investment” in China. Therefore, it is necessary to scientifically design and formulate government investment expenditures, guide and optimize the investment structure among market entities, improve the relationship between the government and the market, promote supply-side structural reform, and promote regional economic development and stability.

关 键 词：财政支出结构 投资性支出 私人投资 政府投资 

分 类 号：F812.2[经济管理—财政学]