财政投资、5G产业与经济增长

Government Investment,5G Industry and Economic Growth

推动5G产业发展是国家的重要战略部署。在构建包含财政投资与5G产业增长模型的基础上,利用2018—2019年我国260个地级市的数据实证检验了5G产业与经济增长的关系,以及财政对5G产业的投资对经济增长的重要作用。研究发现,5G产业的发展有利于促进经济增长,这一结论在替换经济指标、控制内生性问题等稳健性检验后仍然成立。机制分析表明,5G产业还能够通过释放以智能手机为中心辐射圈的消费潜力间接推动经济发展;提高产业结构合理化程度是5G产业拉动经济增长的又一重要机制,而产业结构高度化并无此效应。进一步通过调节效应分析发现,财政投资能够提高5G企业收益率从而有效助力5G产业促进经济增长。

Promoting the development of 5G industry is an important national strategic deployment.By constructing an endogenous growth model including government investment and 5G industry,this paper reveals the relationship between 5G industry and economic growth,and the important role of government investment in 5G industry.In order to verify the theoretical proposition,this paper uses the data of 260 prefecture level cities in 2018—2019.It is found that 5G industry can directly promote economic development.The above conclusion is still valid after replacing economic indicators and controlling endogenous problems.Mechanism analysis shows that 5G industry can promote economy by releasing the potential consumption cerntering on smart phones.Improving the rationalization of industrial structure is another important mechanism for 5G industry to promote economic growth,but the upgrading of industrial structure has no such effect.In addition,through the analysis of regulatory effect,it is found that government investment can effectively help 5G industry to promote economic growth.