政府支出类型和融资方式对私人投资的影响

摘要笔者在模型构建中引入非税收融资与债务融资,利用1995年～2011年的数据对政府支出类型、融资方式与私人投资的关系进行分析。结果表明,中国政府的公共投资提高了私人资本的边际效率,挤入了私人投资;政府经常性支出中,社会文教支出对私人投资有挤入效应,而经济建设支出则产生挤出效应,其他类型支出对私人投资的影响并不明确;不同的条件下债务融资对私人投资具有不同的效应;政府非税收融资挤出私人投资。因此,政府支出需要区别对待,利用债务融资进行投资应选择恰当的时机。

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	魏向杰

关键词：政府支出债务融资非税收融资挤出效应

Abstract： The paper builds a model to analyze relations between the type of government expenditure, financing and private investment, and uses data from 1995-2011 to test theoretical analysis. The results show that government public investment makes crowding-into effect on private investment; Among government current expenditure, social, cultural and educational expenditure crowd into private investment, while economic development expenditure show crowding-out effect, it is unclear that other expenditures are related to private investment; different conditions of debt financing for private investment have different effects; non-tax financing of government crowds out private investment. Therefore, government spending must be treated differently, the use of debt financing to invest should choose the right time.

Keywords： Government Expenditure Debt Financing Non-tax Financing Crowding-out Effect

收稿日期 2014-03-04; 接受日期 2015-09-18;

基金资助:江苏省科技厅软科学项目(BR2015054)

作者简介: 魏向杰(1976-),男,安徽巢湖人,博士后,副教授,主要从事公共投融资研究。

引用本文:

魏向杰.政府支出类型和融资方式对私人投资的影响[J]. 经济经纬, 2015,5: 144-149

WEI Xiang-jie.The Influence of Government Expenditure and Financing on Private Investment[J] Economic Survey, 2015,V32(5): 144-149

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2015/V32/I5/144