民间资本参与公共基础设施建设对城镇化的影响——基于中国省际面板数据的分析

The Participation of Private Capital in Infrastructure Construction and Its Impact on Urbanization——An Analysis Based on China's Provincial Panel Data

基于2006-2012年中国省际面板数据，实证考察民间资本参与城市公共基础设施建设对城镇化的影响。结果发现，民间资本参与城市基础设施建设对城镇化率的提升有显著的正向推动作用；但对东中西部地区的影响存在显著差异，东中部地区回归系数明显低于西部地区，表明该地区民间资本参与基础设施对城镇化的边际正向影响低于西部地区。这一结果表明，在新型城镇化进程中，应打破政府主导的融资模式，消除障碍，积极引导民间资本参与基础设施建设，针对不同地区采取不同措施。

Based on China＇s provincial panel data from 2006 to 2012, the paper analyzes the impact of the participation of private capital in infrastructure construction on urbanization. The em- pirical study indicates that private capital＇s participation in urban infrastructure construction has a significant positive impact on improving the rate of urbanization; however, there are significant differences between different regions, with the regression coefficient of eastern and central regions significantly lower than that of the western region, which indicates that the positive marginal im- pact of the influence in eastern and central regions is lower than the western region. The result fur- ther indicates that in the new urbanization process, the government - led financing model should be broken, entrance barriers of private capital should be eliminated, and appropriate measures should be taken in different regions.