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本文利用中国东部11个省市的年度数据和pmg方法,估计了地方公共资本性支出对私人投资的影响。估计结果发现,政府的基建支出、文教科卫支出和教育支出对私人投资均具有显著的长期正向影响,特别是教育支出不仅直接影响私人投资,而且还通过产出间接地影响私人投资。这些结果意味着,地方政府扩大教育、文教科卫和基建等公共资本性投入,不仅不会阻碍私人投资,反而会刺激私人投资。
In this paper, we use annual data and pmg methods from 11 provinces and cities in eastern China to estimate the impact of local public capital expenditures on private investment. Estimates show that government expenditures on infrastructure, science, education, health and education, and education expenditures have a significant long-term positive effect on private investment. In particular, spending on education not only directly affects private investment but also indirectly affects private investment through output. These results imply that the expansion of public capital investment by local governments in education, science, education, health and infrastructure not only does not hinder private investment but on the contrary stimulates private investment.