交通基础设施投资、要素市场扭曲和经济增长
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摘要
选取2005—2015年中国30个省份的面板数据,采用双向固定效应模型考察交通基础设施投资、要素市场扭曲与经济增长之间的关系.研究结果表明:交通基础设施投资与经济增长之间具有显著的非线性效应,呈现倒U型关系,即随着交通基础设施投资规模的扩大,经济增长出现先上升后下降的现象.对全国分地区样本检验发现,东部地区交通基础设施投资与经济增长之间存在显著的倒U型关系,中西部地区交通基础设施投资与经济增长之间倒U型关系不显著.为进一步探索交通基础设施投资对经济增长的影响机制,本文引入要素市场扭曲发现,要素市场扭曲对经济增长具有负向影响.本文从增强经济增长动力的视角,探讨了经济增长最优条件下的交通基础设施投资规模,为我国交通基础设施建设提供了决策支持.
Based on the panel data of 30 provinces in China from 2005 to 2015, this paper examines the relationship between transportation infrastructure investment, factor market distortion and economic growth by using a two-way fixed effect model. The results show that there is a significant nonlinear effect between transportation infrastructure investment and economic growth, showing an inverted U-shaped relationship, that is,with the expansion of the scale of transportation infrastructure investment, economic growth first increased and then decreased. The sub-regional sample test shows that there is a significant inverted U-shaped relationship between transportation infrastructure investment and economic growth in the eastern region, while the inverted Ushaped relationship between transportation infrastructure investment and economic growth in the central and western regions is not significant. To further explore the impact mechanism of transportation infrastructure investment on economic growth, this paper introduces factor market distortion and finds that factor market distortions have negative impact on economic growth. From the perspective of enhancing the driving force of economic growth, this paper discusses the investment scale of transportation infrastructure under the optimal conditions of economic growth, which provides decision support for the construction of transportation infrastructure in China.
Based on the panel data of 30 provinces in China from 2005 to 2015, this paper examines the relationship between transportation infrastructure investment, factor market distortion and economic growth by using a two-way fixed effect model. The results show that there is a significant nonlinear effect between transportation infrastructure investment and economic growth, showing an inverted U-shaped relationship, that is,with the expansion of the scale of transportation infrastructure investment, economic growth first increased and then decreased. The sub-regional sample test shows that there is a significant inverted U-shaped relationship between transportation infrastructure investment and economic growth in the eastern region, while the inverted Ushaped relationship between transportation infrastructure investment and economic growth in the central and western regions is not significant. To further explore the impact mechanism of transportation infrastructure investment on economic growth, this paper introduces factor market distortion and finds that factor market distortions have negative impact on economic growth. From the perspective of enhancing the driving force of economic growth, this paper discusses the investment scale of transportation infrastructure under the optimal conditions of economic growth, which provides decision support for the construction of transportation infrastructure in China.
引文
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[11]谢里,李白,张文波.交通基础设施投资与居民收入:来自中国农村的经验证据[J].湖南大学学报(社会科学版),2012(1):82-86.[XIE L,LI B,ZHANG W B.Transportation infrastructure investment and resident income:Empirical evidence from rural China[J].Journal of Hunan University(Social Science Edition),2012(1):82-86.]
[2]ESFAHANI H S,RAMíREZ M T.Institutions,infrastructure,and economic growth[J].Journal of Development Economics,2003,70(2):443-477.
[3]SHARMA C,SEHGAL S.Impact of infrastructure on output,productivity and efficiency[J].Indian Growth&Development Review,2010,3(2):5-6.
[4]XU H,NAKAJIMA K.Highways and industrial development in the peripheral regions of China[J].Papers in Regional Science,2015,96(2):325-356.
[5]ZHENG S,KAHN M E.Does government investment in local public goods spur gentrification?Evidence from Beijing[J].Real Estate Economics,2013,41(1):1-28.
[6]闫先东,朱迪星.基础设施投资的经济效率:一个文献综述[J].金融评论,2017(6):109-122.[YAN X D,ZHUD X.Economic efficiency of infrastructure investment:A literature review[J].Chinese Review of Financial Studies,2017(6):109-122.]
[7]徐丽芳,许志伟,王鹏飞.金融发展与国民储蓄率:一个倒U型关系[J].经济研究,2017(2):111-124.[XU LF,XU Z W,WANG P F.Financial development and national savings rate:An inverted U relationship[J].Economic Research Journal,2017(2):111-124.]
[8]王宁,史晋川.中国要素价格扭曲程度的测度[J].数量经济技术经济研究,2015(9):149-160.[WANG N,SHI J C.Measurement of the degree of distortion of factor prices in China[J].The Journal of Quantitative&Technical Economics,2015(9):149-160.]
[9]夏晓华,李进一.要素价格异质性扭曲与产业结构动态调整[J].南京大学学报(哲学·人文科学·社会科学).2012(3):40-48.[XIA X H,LI J Y.Distortion of factor price heterogeneity and dynamic adjustment of industrial structure[J].Journal of Nanjing University(Philosophy,Humanities and Social Sciences),2012(3):40-48.]
[10]从明,刘明,廖艺洁.官员更替与交通基础设施投资:来自中国省级官员数据的证据[J].财经研究,2015(4):90-99.[CONG M,LIU M,LIAO Y J.Official turnover and transportation infrastructure investment:evidence from provincial official data[J].Financial Research,2015(4):90-99.]
[11]谢里,李白,张文波.交通基础设施投资与居民收入:来自中国农村的经验证据[J].湖南大学学报(社会科学版),2012(1):82-86.[XIE L,LI B,ZHANG W B.Transportation infrastructure investment and resident income:Empirical evidence from rural China[J].Journal of Hunan University(Social Science Edition),2012(1):82-86.]