基于SVAR模型的政府支出对企业投资影响的实证研究

Empirical research on the impact of government expenditure on enterprise investment based on SVAR model

基于结构向量自回归理论构建实证模型,研究政府支出对两类企业投资的动态影响效应。研究结果表明,政府支出在短期内对企业部门投资存在挤出效应,长期来看能够促进企业部门投资增长,政府支出对两类企业投资的影响具有不同的方向,政府支出会促进国企部门投资,而对民营企业投资形成负向影响。

Based on the structural vector autoregressive theory,we construct an empirical model to study the dynamic effect of government expenditure on the investment of two kinds of enterprises in China.The results show that Government expenditure has a crowding out effect on enterprise sector investment in the short term and can promote the growth of enterprise sector investment in the long run.The impact of government expenditure on the investment of the two types of enterprises is in different directions.Government expenditure will promote the investment of state-owned enterprises,while it has a negative impact on the investment of private enterprises.