资本性支出分权、公共资本投资构成与经济增长

本文建立一个财政分权框架下的两部门内生增长模型,从理论上分析最优公共资本投资配置及其对经济增长的影响,并以我国全国和省份经济数据为基础对本文理论分析进行实证检验。分析表明,我国公共资本投资构成不尽合理,全国和地方公共物质资本投资比重明显偏低;中央和地方政府间公共资本投资事权划分也欠妥,资本性支出分权水平明显过高。这些结论对于我国今后财政政策的合理调整、政府间事权的科学划分具有重要意义。

Capital Expenditure Decentralization,Public Capital Investment Composition and Economic Growth

This paper analyzes the mechanics of capital expenditure decentralization and public capital investment composition on economic growth by setting up a two-sector endogenous growth model dividing capital expenditure decentralization into physical capital and human capital expenditure decentralization.The theoretical analysis suggests there are hump-shaped curve linking the economic balance growth rate and physical capital and human capital expenditure decentralization as well as public capital investment composition and thus growth-maximizing value for physical capital and human capital expenditure decentralization as well as public capital investment composition.On the other hand,We analyze the effects of capital expenditure decentralization and public capital investment composition on economic growth based on data in China.The positive analysis suggests that the share of public physical capital investment to public capital investment is lower and capital expenditure decentralization are high,which has significant implies for the allocation of public capital investment in China.