CAJ | 학술논문

本文考察政府支出、金融发展与对外开放对企业投资的影响。整体上，政府支出显著的促进了企业的投资，而金融发展和对外开放程度对于企业投资则存在“挤出”效应，但是较高的金融发展水平和对外开放程度，提升了企业投资的效率；在东部地区，影响程度较基于全国的检验结果更显著；中部地区的政府支出和金融发展促进了企业投资，但其效率较低；西部地区的对外开放与政府支出并未显著影响企业投资；非东部地区的地方国企在对外开放中投资增加更为显著，而民营企业在投资机会的把握上体现了更高的效率。
본문고찰정부지출、금융발전여대외개방대기업투자적영향。정체상，정부지출현저적촉진료기업적투자，이금융발전화대외개방정도대우기업투자칙존재“제출”효응，단시교고적금융발전수평화대외개방정도，제승료기업투자적효솔；재동부지구，영향정도교기우전국적검험결과경현저；중부지구적정부지출화금융발전촉진료기업투자，단기효솔교저；서부지구적대외개방여정부지출병미현저영향기업투자；비동부지구적지방국기재대외개방중투자증가경위현저，이민영기업재투자궤회적파악상체현료경고적효솔。
This paper studies the effects of the government expenditure, financial development and open degree on the firm investment. We find that, 1 ） the government expenditure significantly increases the finn investment, the financial development and open degree crowd out the finn investment, 2 ） The financial development and open degree increase the investment efficiency, 3 ） the results of east area are similar to the country, 4） the government expenditure and financial development in middle area increase the investment but with a low efficiency. 5 ） the government expenditure and open degree in west area have no significant effect on the investment. 6） the increase of investment is more significant of the local-government-controlling firms at non-east areas and the private finns investment is more efficient.