基于公共产品供给理论的地方政府投资制度改革——以城市轨道交通投资为例

政府投资主要是提供公共产品，但仅由政府提供会出现不经济。公共产品的内涵分析也表明私人是可以供给公共产品的，但要解决公共产品外部性问题。以城市轨道交通投资为例分析，发现通过外部收益内部化我国香港地铁实现了盈利，内地政府借鉴其经验，大力引进社会资金投资地铁，减轻了资金压力，提高了投资的效率。这表明通过分析投资对象特点和制度安排是能够改变当前政府投资制度的，即社会资金是愿意进入公共产品供给的，政府是可以从某些领域退出的。

The Reform of the Local Government Investment Regime Based on the Supply Theory of Public Goods -Take the Urban Rail Transit Investment as an Example

Govemment investment mainly provides public goods, but it is inefficiency only provided by government, such as the local government investment gives rise to inefficient and debt-burdened and so on. The content of public goods also shows that private sector is able to supply public goods, provided that we solve the external problems of public goods. Take the case of the urban rail transit investments, we find Hong Kong subway investment achieves a profit through the internalization of externalities, and currently the interior local government take examples from Hong Kong, vigorously introduce social capital into subway investments. It greatly reduces the pressure on government funds and improves the investment efficiency. This shows that it is feasible to change the current system of government investment by analyzing the characteristics of the investment target and institutional arrangements, namely that social capital is willing to enter the supply of public goods, and the government can withdraw from certain areas.