CAJ | 학술논문

已有研究表明基础设施对经济发展和企业生产效率存在正的外部性，但由于受到融资方面的限制，基础设施过度投资很可能加重企业负担从而对企业效率产生不利影响。从目前中国城市基础设施投融资模式的视角出发，进一步梳理基础设施对企业生产效率的影响机制，并基于2003—2007年中国工业企业微观数据，利用系统GMM模型进行实证分析。结果表明：（1）城市建设用地的抵押品效应和基础设施的资本化效应导致城市地价上升、基础设施投资过度等不利影响，由此加重企业负担、恶化企业创新环境，对企业生产效率产生负面影响。（2）在挤出效应和产出效应的综合作用下，城市基础设施投资对企业效率之间的影响存在显著的“倒U型”特征，且这一结论在不同所有制和不同城市规模之间存在差异性，非国有经济和大城市的“倒U型”特征更为明显。
이유연구표명기출설시대경제발전화기업생산효솔존재정적외부성，단유우수도융자방면적한제，기출설시과도투자흔가능가중기업부담종이대기업효솔산생불리영향。종목전중국성시기출설시투융자모식적시각출발，진일보소리기출설시대기업생산효솔적영향궤제，병기우2003—2007년중국공업기업미관수거，이용계통GMM모형진행실증분석。결과표명：（1）성시건설용지적저압품효응화기출설시적자본화효응도치성시지개상승、기출설시투자과도등불리영향，유차가중기업부담、악화기업창신배경，대기업생산효솔산생부면영향。（2）재제출효응화산출효응적종합작용하，성시기출설시투자대기업효솔지간적영향존재현저적“도U형”특정，차저일결론재불동소유제화불동성시규모지간존재차이성，비국유경제화대성시적“도U형”특정경위명현。
Existing studies have shown that infrastructure exist positive externality for economic develop-ment and the enterprise’s production efficiency. However,due to the limitation of financing,the excess invest-ment of infrastructure is also likely to aggravate the burden of enterprise and make bad influence to its efficien-cy. Therefore,from the perspective of the financing mode of urban infrastructure at present in China,this arti-cle has studied the mechanism that the infrastructure impacts on the enterprise production efficiency,used sys-tem GMM model to make some empirical analyses with the China industrial enterprise micro data from 2003 to 2007. Results indicate that:(1)the collateral effects of urban construction land and the capitalization effect of infrastructure lead to some adverse effects,such as urban land price rising,the excessive investment in infra-structure,which will increase the enterprise burden,worsen the innovation environment of enterprise and have a negative impact on the enterprise production efficiency. (2)under the combination of extrusion effect and output effect,the influence of the urban infrastructure investment to the enterprise efficiency shows a signifi-cant characteristic of“inverted U”,and this conclusion is steady in different ownership and different size of cities,what’s more,the characteristic of“inverted U”is more apparent in the non-state economy and big cit-ies.