CAJ | 학술논문

税后资本平均产出的高低对私人部门投资决策产生重要影响，但是我国自1994年分税制改革以来，税后资本平均产出处于不断下降趋势，与此同时，财政支出规模呈不断扩大趋势。本文在财政支出解决市场拥挤框架下分析了财政支出对税后资本平均产出的影响，在理论分析中，说明财政通过增加支出缓解市场拥挤来影响税后资本平均产出，其影响程度由税率、财政支出的产出弹性、市场拥挤程度决定。在实证分析中，计量检验了世界范围内和中国地方政府财政支出对税后资本平均产出的影响，并结合现实对计量结果给予解释。
세후자본평균산출적고저대사인부문투자결책산생중요영향，단시아국자1994년분세제개혁이래，세후자본평균산출처우불단하강추세，여차동시，재정지출규모정불단확대추세。본문재재정지출해결시장옹제광가하분석료재정지출대세후자본평균산출적영향，재이론분석중，설명재정통과증가지출완해시장옹제래영향세후자본평균산출，기영향정도유세솔、재정지출적산출탄성、시장옹제정도결정。재실증분석중，계량검험료세계범위내화중국지방정부재정지출대세후자본평균산출적영향，병결합현실대계량결과급여해석。
The average aftertax rate of output to capital in the whole economy has great effect on the decision-making of private sector. After the tax-sharing reform in 1994, China＇s aftertax rate of output to capital has declined continually, and simultaneously, the fiscal expenditure scale has continually increased. In the frame of government expenditure solving market congestion, the article studies the effect on the aftertax rate of output to capital by fiscal productive expenditure increasing. By theoretical analysis, the author shows that fiscal expenditure increasing will mitigate market congestion, so it has effect on the aftertax rate of output to capital. The degree of influence is determined by some parameters. Using data from 59 countries in the world and 30 provinces in China we empirical analyze the relation between fiscal productive expenditure and the aftertax rate of output to capital, and we also explain these empirical analysis outcomes.