摘要
在资源环境约束的增长核算框架下,我国的经济增长主要源于资本投入的贡献,投资驱动型特征十分明显。通过对影响我国资本投入的因素进行分析,研究发现:无论从全国还是从三大经济区域来看,资本回报率对投资行为具有显著的正向影响,较高的资本回报率驱动了我国投资的增长,我国经济增长的根源在于高资本回报率的推动。因此,为了更好地发挥资本回报率在经济高质量发展中的作用。一方面,政府要通过大规模的减税降费措施,降低企业投资成本和运营成本,提高企业的资本回报率;另一方面,政府要在面临经济下行压力的情况下,发挥政府主导的投资对经济发展的“托举”作用。
Under the framework of resource and environment-constrained growth accounting, China’ s economic growth is mainly due to the contribution of capital investment, and the investment-driven characteristics are very obvious. Through the analysis of the factors the investment behavior in China, the study shows that the return on capital has a significant positive impact on investment behavior regardless of whether it is from the whole country or from the three major economic regions. Higher return on capital drives China’ s investment, and the growth of investment has further promoted the rapid development of China’ s economy. The root of China’ s economic growth lies in the promotion of high return on capital. Therefore, in order to better play the role of return on capital in the high-quality development of the economy, the government should take the following measures. On the one hand, the government should reduce the investment cost and operating costs of enterprises through large-scale tax and fee reduction measures, and improve the return on capital of enterprises;on the other hand, facing economic downward pressure, the government should play the role of government-led investment in economic development.
作者
余利丰
YU Li-feng(Institute of Wuhan Studies, Jianghan University, Wuhan,Hubei 430056)
出处
《商学研究》
2019年第4期29-38,共10页
Commercial Science Research
基金
湖北省社会科学基金项目“金融发展与中国全要素生产率提升研究——基于随机前沿分析的视角”(项目编号:2018034)
关键词
经济增长
驱动力
投资行为
资本回报率
广义矩法估计
Economic growth
Driving forces
Investment behavior
Return on capital
GMM estimation
