摘要
本文利用中国的省级面板数据阐释了基础设施投资如何影响私人投资,实证结果发现:从全国平均意义上来看,中国基础设施投资整体上并未出现供给过度或低效使用,基础设施投资对于私人投资具有较强的挤入效应,并且市场环境的改善和开放水平的提升可以进一步强化这种正向作用。倘若市场环境和开放程度足够低,基础设施投资的挤入效应几乎可以忽略。分地区来看,东部的基础设施投资对私人投资的挤入效应依然大于中部和西部。特别是对于西部地区,如果市场环境和开放水平过低,基础设施投资甚至会挤出私人投资。总体而言,市场环境和开放水平对于基础设施投资边际效应的正向影响从东到西,依次递增。基于实证研究的结论,我们提出了有关改善基础设施投资效率的政策建议。
This paper theoretically explains how infrastructure investment affects private investment, and con- ducts empirical tests using China＇ s provincial - level panel data. In the empirical analysis, we find that ： on av- erage, China＇ s infrastructure investment is not oversupplied or used inefficiently. Infrastructure investment has rather strong crowding- in effect on the private investment, and the improvement of market environment and openness can further strengthen this positive effect. If market environment is not friendly to investment and openness level is low enough, the crowding in of private investment can be overlooked. Regionally, the crow- ding - in effect in eastern areas is stronger than that in central and western areas. Especially in westem areas, infrastructure investment even crowd out private investment. Overall, the positive impact of market environment and openness on the marginal utility of infrastructure increases from the east to the west. Based on theoretical and empirical researches, this paper contributes some important policy suggestions.
出处
《金融研究》
CSSCI
北大核心
2015年第8期31-45,共15页
Journal of Financial Research
基金
国家自然科学基金项目(71303052
71333002)
教育部人文社会科学基金项目(13YJC790130)
上海市哲学社会科学基金项目(2013EJL001)的慷慨资助
复旦大学FIT工作室的研究成果
关键词
基础设施投资
私人投资
挤入
挤出
Infrastructure investment, Private investment, Crowding in, Crowding out
