摘要
立足已有研究考察高固定资产投资率对中国地区经济创新驱动发展的影响效应,并基于省级层面的面板数据、借助门槛模型实证检验高固定资产投资率影响经济创新驱动发展的门槛效应。结果表明:固定资产投资率居高不下对经济创新驱动发展产生了抑制效应,且地区制度环境质量越好,这种抑制作用越严重。因而在当前中国经济步入新常态的现实背景下,应及时调整投资结构,降低固定资产投资在总投资中的占比,引导地方政府利用财政资源激励企业的创新活动,弱化地方政府直接进行固定资产投资激励,以免对民间创新投资支出产生挤出效应。
Based on the existing research, this paper investigates the effect of high fixed asset investmenton China＇ s regional innovation-driven economic development. By using the provincial level panel data andthe threshold model to make an empirical test, the paper shows that the high rate of investment in fixed as-sets has inhibitory effects on innovation-driven economic development and a better regional institutional envi-ronment will lead to a stronger inhibition. As China＇ s economy enters into new normal, we should reducethe share of fixed asset investment in total investment, guide the local government to use fiscal method to in-spire enterprise innovation, and weaken the local government-led fixed asset investment, so as to prevent thecrowding-out effect.
出处
《广东财经大学学报》
CSSCI
北大核心
2016年第3期15-25,共11页
Journal of Guangdong University of Finance & Economics
基金
甘肃省社会科学规划项目(YB051)
兰州财经大学丝绸之路经济研究院2015年度重点项目(JYYZ201505)
关键词
投资
投资率
固定资产投资
制度环境
创新驱动发展
门槛效应
investment
investment ratio
fixed asset investment
institutional environment
innovation-driven development
threshold model
