财政投资性支出对经济高质量发展影响的研究

On the Impact of Fiscal Investment Expenditure onHigh-quality Economic Development

基于高质量发展的五大理念,并考虑产业结构,以财政投资性支出对高质量发展的整体性影响为切入点,以2010—2019年300条平衡面板数据为研究样本,用熵权法测算出我国经济高质量发展能力的截断性特征,采用Tobit模型实证考察财政投资性支出对经济高质量发展的影响情况。结果表明:财政投资性支出能够有效促进经济高质量发展,且非生产性财政投资支出激励效用要显著大于生产性投资支出。非线性门槛回归结果显示,财政投资性支出对高质量发展促进效应存在适度规模,过度的财政投资性支出会削弱这一促进效应。

Based on the five concepts of high-quality development and with the consideration of the industrial structure,this paper begins with the overall impact of financial investment expenditure on high-quality development,including 300 balanced panel data from 2010 to 2019 as the research sample to calculate the truncated characteristics of China’s high-quality economic development capacity with entropy weight method.This paper also employ Tobit model to empirically investigate the impact of fiscal investment expenditure on high-quality economic development.The results show that fiscal investment expenditure can promote high-quality economic development,and the incentive effect of non-productive fiscal investment expenditure is significantly greater than that of productive investment expenditure.The nonlinear threshold regression results show that there is an appropriate scale for the promotion effect of fiscal investment expenditure on high-quality development,and excessive fiscal investment expenditure will weaken this promotion effect.