地方政府投资效率的阶段性和地域性特征——基于中国省市面板数据的分析

The Phased and Regionalism Characteristic of Local Government Investment ——Based on the analysis using provincial panel data in China

当前,地方政府投资对经济增长发挥着重要影响,因而地方政府投资效率的高低显得十分关键。结合中国省市1998-2008年间的面板数据,基于Pooled OLS、一阶差分模型、固定效应模型以及GMM方法,本文尝试深入分析地方政府投资效率的阶段性和地域性特征。在计量模型构建方面,本文创新的综合考虑到TFP分解问题,控制了基尼系数、教育财政支出比重和劳动份额等结构性变量。实证结果表明,自2001年入世以来,地方政府投资效率有所降低,幅度为7%;而东部地区省份的投资效率相对于西部地区省份要高10%,这一结论具有较强的现实意义。

Local government investment has important effect on economic growth,so the efficiency of investment is very crucial.Using provincial panel data in China during 1998-2008,by Pooled OLS,FD Model,FE Model and GMM Method,this article does an empirical study on the phased and regionalism characteristic of government investment efficiency.During the construction of econometric model,this article audaciously mixes the TFP decomposition through controlling several structure variables such as Gini coefficient,education finance expenditure ratio,labor ratio and so on.The results of empirical analysis show that government investment efficiency has been decreased by 7% since joining WTO in 2001;meantime,the government investment efficiency of provinces in east China is higher than other districts by 10%;the conclusion has strong realistic meaning.