CAJ | 학술논문

高投资和低消费的并行是中国经济运行的典型现象，本文从理论和实证两个角度研究了形成高投资、低消费的财政基础。理论分析发现：通过为企业提供生产性服务，政府生产性公共支出的增加将推动投资消费比的上升；市场拥挤程度下降将促使投资消费比上升，而市场竞争加剧有助于降低投资消费比；针对消费征税会在抑制居民消费的同时增加政府生产性公共支出，因此也会推动投资消费比上升；理论上宏观税率或资本平均税率与投资消费比呈倒u型关系。实证检验结果支持理论分析结论，而且十分稳健。从降低投资消费比角度出发，应弱化中央政府扩张性财政政策和地方政府推动经济增长措施中对政府投资的依赖，财政支出结构应更多地向民生倾斜，税制结构应提高直接税比重，特别是积极推动财产税和个人所得税改革。
고투자화저소비적병행시중국경제운행적전형현상，본문종이론화실증량개각도연구료형성고투자、저소비적재정기출。이론분석발현：통과위기업제공생산성복무，정부생산성공공지출적증가장추동투자소비비적상승；시장옹제정도하강장촉사투자소비비상승，이시장경쟁가극유조우강저투자소비비；침대소비정세회재억제거민소비적동시증가정부생산성공공지출，인차야회추동투자소비비상승；이론상굉관세솔혹자본평균세솔여투자소비비정도u형관계。실증검험결과지지이론분석결론，이차십분은건。종강저투자소비비각도출발，응약화중앙정부확장성재정정책화지방정부추동경제증장조시중대정부투자적의뢰，재정지출결구응경다지향민생경사，세제결구응제고직접세비중，특별시적겁추동재산세화개인소득세개혁。
Coexistence of high investment and low consumption is a stylized fact in China＇s economic development. This paper studies the fiscal foundation of the fact above theoretically and empirically. Our theoretical findings are as follows. （ 1 ） Public spending in production has positive impact on the ratio of investment to consumption, while market congestion and market competition have the opposite effect. （2）Taxation on consumption will depress consumption as well as stimulate public spending in production, resulting in the increase in the ratio of investment to consumption. （3） There is a hump-shape or inverted-U relationship between overall tax rate or capital average tax rate and the ratio of investment to consumption. Our estimation results, which are quite robust, support the theoretical findings aforementioned. According to our findings, we suggest some policies like weakening the dependence of economic growth on public investment, increasing public spending in livelihood, and reinforcing direct tax in tax system by promoting reforms in property tax and private income tax.