公共资本生产率的比较研究——基于长三角21城市公共资本边际生产率的实证分析

近10年来长三角的政府公共投资（分配）过多地流向了上海、苏州、杭州、南京等核心城市，使这些城市的人均公共资本拥有量大幅上升，从而引发了其边际生产率递减情况的发生。但它们的资本利用效率或技术创新水平没有明显提升（或下降），不足以抵消其资本边际生产率下降的趋势。对这些大城市的经济发展来说，公共投资对其经济增长的意义已经在数量上表现得不明显，但对正处于经济快速增长期且资本边际生产率呈递增态势的长三角外缘中小城市而言，公共投资却有着积极意义。

A Comparative Study of the Public Capital Productivity among Zhejiang, Jiangshu and Shanghai

For 10 years, public investments of government on Yangtse delta have excessively flowed to the big cities like Shanghai, Suzhou, Hangzhou, Nanjing and so on. It caused a situation that the capital marginal productivity of these cities decreases progressively year by year. Therefore the effects of economic growth caused by the public investment in these big cities have decreased. However, public investments have positive effects for the medium-sized towns and cities on Yangtse delta where the capital marginal productivity presents increasing situation.