财政支出与社会物质资本形成及经济增长关系的实证研究

An Empirical Study of the Relationship between Financial Expenditure,Social Material Capital Formation and Economic Growth

以我国28个省(市)1994-2010年间的宏观经济数据为样本,研究我国财政支出、社会物质资本形成与我国经济增长三者间的关系。结果表明,财政物质资本性支出对经济增长的直接影响为负,但通过物质资本的外溢作用,有正向的间接效应;而财政非物质资本性支出的效应则恰恰相反。总体上,财政物质资本性支出的提高不利于我国的经济增长,财政非物质资本性支出对于经济增长的影响则为正。因此,从促进经济持续增长的角度出发,政府应注重财政物质资本性支出的配置与效率问题,并适当增大财政非物质资本性支出的规模和比例。

This paper aims at identifying the relationship between financial expenditure, social material capital formation and economic growth based on the macro economic data of China＇ s 28 provinces from 1994 to 2010. The results indicate that financial material capital expenditures exert a negative effect on economic growth. Meanwhile the spillover effects of material capital bring in an indirect positive effect; while the effects caused by the financial non-material capital expenditures are just on the contrary. In general, the increasing financial material capital expenditures are going against China＇ s economic growth, while the non-material is positive. Thus, starting from the viewpoint of promoting sustainable economic growth, the government should pay attention to the allocation and efficiency of financial material capital expenditures, and increase the amount and proportion of financial non-material capital expenditures appropriately.