扩张性财政政策挤出了非金融企业投资吗?

Does Expansionary Fiscal Policy Crowd out Non-Financial Enterprise Investment?

在当前财政政策逆周期发力被赋予更多期望的背景下,本文基于理论模型并运用22个国家和地区2000—2018年非金融类上市企业数据和结构性财政赤字率数据,实证检验了扩张性财政政策对企业投资的影响。研究发现,扩张性财政政策会对企业固定资产投资产生挤入影响,对研发投资产生挤出影响,且这种影响效果随着企业融资约束水平的上升而增加。进一步考虑企业所处国家或地区的金融发展程度后发现,上述的影响关系在金融发展程度较低的国家和地区表现更明显。本文的发现为探究扩张性财政政策与私人部门投资之间的关系提供了新的经验证据。

Based on the theoretical model,using the data of non-financial listed enterprises and the structural fiscal deficit rate of 22 countries and regions in 2000-2018,this paper empirically tests the impact of expansionary fiscal policy on enterprise investment.It is found that expansionary fiscal policy will have crowding in effect on fixed asset investment and crowding out effect on R&D investment,and this effect increases with the increase of corporate financing constraints.Further considering the financial development degree of the country or region where the enterprise is located,it is found that the above-mentioned influence relationship is more significant in the countries with lower financial development degree.The findings provide new empirical evidence for exploring the relationship between expansionary fiscal policy and private sector investment.