政府支出、金融发展、对外开放与企业投资

Government Expenditure, Financial Development, Open Degree and the Firm Investment

本文考察政府支出、金融发展与对外开放对企业投资的影响。整体上,政府支出显著的促进了企业的投资,而金融发展和对外开放程度对于企业投资则存在"挤出"效应,但是较高的金融发展水平和对外开放程度,提升了企业投资的效率;在东部地区,影响程度较基于全国的检验结果更显著;中部地区的政府支出和金融发展促进了企业投资,但其效率较低;西部地区的对外开放与政府支出并未显著影响企业投资;非东部地区的地方国企在对外开放中投资增加更为显著,而民营企业在投资机会的把握上体现了更高的效率。

This paper studies the effects of the government expenditure, financial development and open degree on the firm investment. We find that, 1 ） the government expenditure significantly increases the finn investment, the financial development and open degree crowd out the finn investment, 2 ） The financial development and open degree increase the investment efficiency, 3 ） the results of east area are similar to the country, 4） the government expenditure and financial development in middle area increase the investment but with a low efficiency. 5 ） the government expenditure and open degree in west area have no significant effect on the investment. 6） the increase of investment is more significant of the local-government-controlling firms at non-east areas and the private finns investment is more efficient.