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以我国28个省(市)1994-2010年间的宏观经济数据为样本,研究我国财政支出、社会物质资本形成与我国经济增长三者间的关系。结果表明,财政物质资本性支出对经济增长的直接影响为负,但通过物质资本的外溢作用,有正向的间接效应;而财政非物质资本性支出的效应则恰恰相反。总体上,财政物质资本性支出的提高不利于我国的经济增长,财政非物质资本性支出对于经济增长的影响则为正。因此,从促进经济持续增长的角度出发,政府应注重财政物质资本性支出的配置与效率问题,并适当增大财政非物质资本性支出的规模和比例。
Taking the macroeconomic data of 28 provinces (cities) in China from 1994 to 2010 as a sample, this paper studies the relationship between fiscal expenditure, the formation of social material capital and the economic growth in our country. The results show that the direct impact of financial material capital expenditure on economic growth is negative, but there is a positive indirect effect through the spillover effect of material capital. However, the effect of fiscal non-material capital expenditure is opposite. In general, the increase of capital expenditures of fiscal materials is not conducive to China’s economic growth, and the impact of fiscal non-material capital expenditures on economic growth is positive. Therefore, from the perspective of promoting sustained economic growth, the government should pay attention to the allocation and efficiency of capital expenditures, and appropriately increase the scale and proportion of fiscal non-material capital expenditures.