我国公共投资经济效率分析及政策建议

An Analysis of Economic Efficiency of China's Public Investment and Policy Recommendations

通过构建总量生产函数模型,利用1 978-201 1年我国的样本数据,对我国公共投资经济效率进行实证分析。研究结果发现,我国公共资本的产出弹性为0.1 75,私人资本的产出弹性为0.604,即私人资本的产出效率远高于公共资本的产出效率。同时,公共投资经济效率下降态势明显,如我国公共投资占GDP的比重呈缓慢上升的趋势,但公共投资促进产出及就业的能力却不断下降。因此,必须采取建立健全公共投资领域法律法规体系、明确公共投资范围、构建科学民主的公共投资决策机制等措施,以提升我国公共投资经济效率。

By constructing an aggregate production function model and making use of the sample data of China from 1978 to 2011, this paper conducts an empirical analysis of the economic efficien- cy of China＇s public investment. The result of the study reveals that the output elasticity of China＇s public capital is 0.175 and the output elasticity of private capital is 0.604, i.e., the output efficiency of private capital is much higher than that of public capital. At the same time, it is quite obvious that the economic efficiency of public investment is showing a downword trend. For instance, the proporation of China＇s public investment in GDP is showing a slowly climbing trend, while the abili- ty of public investmentin in promoting output and employment is decreasing continously. Therefore, we should take such measures as establishing and improving the system of laws and reguations in the public investment sector, clarifying the scope of public investment, establishing a scientific and demo- cratic decision-making mechanism for public investment, etc., so as to improve？ the economic effi- ciency of China＇s public investment.