【摘要】 将传统意义下以政府为主体的公共投资扩展到政府主导下的国有投资,通过向量自回归(VAR)分析框架下的格兰杰因果检验和脉冲响应函数分析,发现国有基础设施投资对经济增长具有显著正向效应,而国有资本对经营性产业的投资对经济增长没有明显的促进效应。究其原因,主要在于国有投资具有半行政半市场的双重属性,对社会资本的引导作用不足,而在竞争性行业对私人投资产生了明显的挤出效应。地方投融资平台作为国有投资的主要承载者,普遍面临政企权责不清、负债高风险大、投资进退无序等问题,解决问题的关键是清晰地方投融资平台的企业属性,依据不同类型国有投资进行分级管控、分类管理。更多还原

【Abstract】 This paper expands the content of public investment from traditional government investments into the state-owned investment led by governments,and uses the Granger-causality test model and impulse-response function to analyze the economic development effects of state-owned fix investment.By empirical analysis,it expounds that state-owned fix investments on infrastructure have positive effects to economic development,but state-owned fix investments on commercial industries have no obvious positive effects to economic development.The main reason is about the dual attribute of regional financial platform companies which is the main carriers of state-owned fix investment: half government and half business.It made its lead function to social capital become lower and had obvious crowding-out effect to private capital in competition industries.Focused on the current financial risk and low promotion effects to economic development,this paper raises that the key of regional financial platform companies’regulation development is based on the policies of"grade regulation,classified management"on the different stated-owned fix investment.更多还原