CAJ | 학술논문

运用1994年至2011年中国28个省市省际面板数据集，研究了中国式分权背景下地方政府干预对于制造业部门资本深化的影响。理论研究表明，对于处于经济转轨时期的中国经济而言，地方政府对于企业投资行为的干预将会导致过度投资行为的发生，从而促使制造业部门出现了长期的、持续的资本深化趋势。实证检验进一步发现，在一定范围内，制造业部门所发生的资本深化现象并不是内生于经济发展和技术进步的必然结果，制造业部门的投资行为在很大程度上受制于其所处的制度环境。财政分权确实对制造业部门的资本深化起到了推动作用。金融信贷的扩张和对国有企业的干预是地方政府干预制造业部门资本深化的主要途径，而且这种影响在中西部地区和东北地区表现的更为显著。因此，明确政府职能、完善对地方政府的考核机制对于制造业部门的健康发展具有重要意义。
운용1994년지2011년중국28개성시성제면판수거집，연구료중국식분권배경하지방정부간예대우제조업부문자본심화적영향。이론연구표명，대우처우경제전궤시기적중국경제이언，지방정부대우기업투자행위적간예장회도치과도투자행위적발생，종이촉사제조업부문출현료장기적、지속적자본심화추세。실증검험진일보발현，재일정범위내，제조업부문소발생적자본심화현상병불시내생우경제발전화기술진보적필연결과，제조업부문적투자행위재흔대정도상수제우기소처적제도배경。재정분권학실대제조업부문적자본심화기도료추동작용。금융신대적확장화대국유기업적간예시지방정부간예제조업부문자본심화적주요도경，이차저충영향재중서부지구화동북지구표현적경위현저。인차，명학정부직능、완선대지방정부적고핵궤제대우제조업부문적건강발전구유중요의의。
Using the provincial panel data of China＇s 28 provinces from 1994 to 2011, this paper investigates the effect of local government intervention on the capital deepening of the manufacturing sector. As for China, in a period of economic transition, the theory analysis shows that local government intervention in corporate investment behavior will lead to the occurrence of excessive investment. Therefore this will contribute to the manufacturing sec- tor experiencing a long and sustained capital deepening trend. The empirical results show the capital deepening phenomenon of manufacturing sector is not the result of economic devel- opment and technological progress to some extent, while manufacturing sector investment behavior is largely constrained by its institutional environment. Fiscal decentralization plays an important role in the capital deepening of the manufacturing sector. The main ways for local government intervention are financial credit expansion and the intervention of state- owned enterprises, which are more significant in the middle-west and northeast regions. Therefore, it is important for the healthy development of manufacturing sector to clarify the government functions and improve the assessment mechanism for local government.