基础设施投资对生产率的影响及作用机制：基于宏微观数据的经验检验

Effects of Infrastructure Investment on Productivity and Possible Mechanisms:Evidence from Macro and Micro Data

改革开放以来,中国经济经历了长达40年的高速增长,基础设施投资规模也快速扩大。国内外围绕基础设施投资对宏观经济增长的影响已展开较多讨论,但关于其对微观企业效率的影响研究尤其是内在传导机制的研究相对较少。本文采用MP方法将全要素生产率增长率分解为技术进步和资源再配置效率两部分,并利用企业层面微观数据,评估基础设施投资对生产率的影响并探索相应作用机制。论文发现:基础设施投资增加对全要素生产率并不存在统计显著的影响,主要是其会提高在位企业自身的技术进步,但同时会降低资源再配置效率,二者相互抵消而导致影响不显著。具体而言,基础设施投资每增加1%,在位企业自身生产率增加0.05个百分点,而资源再配置效率将下降0.06个百分点。此外,基础设施投资主要通过挤出私人投资致使资源错配,进而降低资源再配置效率。

Since the reform and opening-up,the Chinese economy has experienced rapid growth for 40 years,and infrastructure investment has also expanded rapidly.Literature has well discussed on impact of infrastructure investment on macroeconomic growth,yet much fewer attentions have been paid to its impact on efficiency of enterprises,especially potential mechanisms.This study uses the MP method to decompose total factor productivity into two parts:technological progress and reallocation efficiency.It then uses firm level data to evaluate the impact of infrastructure investment on productivity and explores possible mechanisms.It finds that an increase in infrastructure investment has no statistically significant impact on total factor productivity,which is mainly due to mutually offsetting effects from enhancing technological progress of the incumbents whereas reducing reallocation efficiency among firms.Specifically,for every 1%increase in infrastructure investment,technological progress of the incumbents will be promoted by 0.05 percentage points,while efficiency of reallocation will fall by 0.06 percentage points.In addition,infrastructure investment mainly leads to resource misallocation by crowding out private investment,which in turn worsens reallocation efficiency.