市场拥挤、财政支出和税后资本平均产出关系分析.pdfVIP

• 107 • 市场拥挤、财政支出和税后资本平均产出关系分析 市场拥挤、财政支出和税后资本 平均产出兵缘分析 吕冰洋1 姚德良2 禹奎3 (1.清华大学公共管理学院; 2. 上海期货交易所博士后工作站; 3. 中因人民大学财政金融学院) K摘要】税后资本平均产出的高低对私人部门投资决策产生重要影响，但是我 阔自 1994 年分税制改革以来，税后资本平均产出处于不断下降趋势，与此同时， 财政支出规模呈不断扩大趋势。本文在财政支出解决市场拥挤报架下分析了财政支 出对税后资本平均产出的影响，在理论分析中，说明财政通过增加支出缓解市场拥 挤来影响税后资本平均产出，其影响稳皮由税率、财政支出的产出弹性、市场拥挤 程度决定。在实证分析中，计量检验了世界范围内和中国地方政府财政支出对税后 资本平均产出的影响，并结合现实对计量结果给予解释。 关键词 市场拥挤财政支出 资本平均产出 中图分提号 F810 文献标识响 A On the Relation of Market Congestion , Fiscal Expenditure and the Aftertax Rate of Output to Capital Abstact: 丁he average aftertax rate of output to capital in the whole economy has great effect on the decísion-making of private sector. After the tax-sharing re form in 1994 , China s aftertax rate of output to capital has declined continual1y , and simultaneously , the fiscal expenditure scale has continually increased. In the frame of government expenditure solving market congestion , the article studies the effect on the aftertax rate of output to capital by fiscal productive expenditure in- creasing. By theoretical analysis , the author shows that fiscal expenditure increas- ing will mitigate market congestion , so it has effect on the aftertax rate of output to capital.丁he degree of influence is determined by some parameters. Using data from 59 countries in the world and 30 provinces in China we empirical analyze the relation between fiscal productive expenditure and the aftertax rate of output to capital , and we also explain these empirical analysis outcomes. Key words: Market Congestion; Fiscal Productive Expenditure; Rate of Out町 put to Capital • 108 • 《数量经济技术经济研究)) 2007 年第 7 期 引苗 在财政学界，财政支出增加对经济增长的影响一直是一个备受争议的话题。在早期