增发国债对水利融资渠道 “挤出效应 ”分析  

Analysis of“crowding-out effect”of additional issuance of treasury bond on water conservancy financing channels

作　　者：王小娜[1,2] 李淼 张岚[1] 童学卫[3] WANG Xiaona;LI Miao;ZHANG Lan;TONG Xuewei(Development Research Center of the Ministry of Water Resources,Beijing 100038,China;Beijing Zhongshui Runze Consulting Co.,Ltd,Beijing 100038,China;River and Lake Protection Center of the Ministry of Water Resources,Beijing 100038,China)

机构地区：[1]水利部发展研究中心,北京100038 [2]北京中水润泽咨询有限公司,北京100038 [3]水利部河湖保护中心,北京100038

出　　处：《水利发展研究》2025年第3期64-69,共6页Water Resources Development Research

基　　金：水利部政策研究项目(102126222260010009021)。

摘　　要：大规模的增发国债资金为水利建设注入强大助力,在支持水利基础设施建设方面发挥了重要作用,但统计数据显示,增发国债对水利其他渠道融资规模存在明显的挤出效应,引起了当前水利投资结构的变化。文章梳理总结增发国债用于水利建设的情况,重点分析了增发国债对不同渠道水利建设资金的挤出效应,并在深入分析研判水利投融资形势基础上,对拓宽水利融资渠道提出相应对策建议。The large-scale additional issuance of treasury bond funds has injected strong support into water conservancy construction and played an important role in supporting water conservancy infrastructure construction.However,statistics show that the additional issuance of treasury bond has an obvious crowding-out effect on the scale of other water conservancy financing channels,causing changes in the current structure of water conservancy investment.This article discusses and summarizes the use of additional treasury bond for water conservancy construction,analyzes the crowding-out effect of additional treasury bond on water conservancy construction funds from different channels,and puts forward corresponding measures and suggestions for broadening water conservancy financing channels on the basis of in-depth analysis of water conservancy investment and financing situation.

关 键 词：增发国债 水利投资结构 挤出效应 水利融资渠道 

分 类 号：F407.9[经济管理—产业经济]