我国四大类资本流动对PGDP的结构性及异质性影响

Structural and Heterogeneous Influences of Four Major Capital Flows on China’s PGDP

文章研究了政府财政资本、固定资产投资、银行资本和外商直接投资四大直接投资对我国人均地区生产总值（PGDP）的结构性及异质性影响效应。结果显示：四大资本流动性均逐年趋于明显,且东部与中部、西部之间资本流动特征存在较大差异;固定资产投资对经济增长的刺激作用最为显著,政府财政资本和外商直接投资的经济增长效应相对较低,而银行资本未能有效发挥刺激效应;资本流动的经济增长效应存在较明显的区域异质性,除固定资产投资以外,其余三种资本类型在东部、中部、西部三大区域的结果存在较大差异。

This paper studies the structural and heterogeneous effects of four major direct investments such as government fiscal capital, fixed assets investment, bank capital and foreign direct investment on China＇s per capita gross domestic product（PGDP）. The study result shows that the four major capital flows tend to be significant year by year, and there are huge differences in the characteristics of capital flows between the eastern,central and western regions; fixed assets investment has the most significant stimulating effect on economic growth; the economic growth effect of capital flow has obvious regional heterogeneity, and except for fixed asset investment, the results of the other three capital types in the eastern, central and western regions are quite different.