投资结构优化、消费扩容与经济增长

Investment Structure Optimization,Consumption Expansion and Economic Growth

投资结构优化对我国经济的持续增长和消费扩容至关重要。本文的理论研究显示,优化投资结构即提高设备工具器具购置投资占固定资产投资的比重可以促进资本体现式技术进步,提高全要素生产率,使供需两侧得以匹配协调,有利于实现经济持续增长和居民消费支出快速增长的双重目标。对此,本文基于2000-2017年我国省级面板数据,实证检验投资结构优化对经济增长以及居民消费支出增长的影响。结果表明:我国经济增长和居民消费支出增长都同设备工具器具购置投资占固定资产投资的比重之间呈正相关关系。以资本体现式技术进步作为设备工具器具购置投资在固定资产投资中所占比重的代理变量,实证结果依然稳健。据此,投资结构优化是推动我国经济持续增长和消费扩容的一个重要途径。

How to improve the growth rate of household consumption is crucial to China’s high-quality development. The theoretical analysis of this paper shows that the optimization of investment structure, that is, increasing the proportion of equipment investment, can accelerate the technological progress of investment embodiment, thus promote the growth of total factor productivity, and make the supply and demand sides match and coordinate, the dual goals of sustained economic growth and rapid growth in household consumption will be achieved. Based on the provincial panel data from 2000 to 2017, this paper further empirically examines the impact of equipment investment ratio on China’s economic growth and consumption growth. The results show that there is a positive correlation between the economic growth and consumption growth and the ratio of equipment investment, and the empirical results are still robust. Therefore, the optimization of investment structure is an important way to promote China’s sustained economic growth and consumption expansion.