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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。
The average output of after-tax capital has an important impact on private-sector investment decisions. However, since the tax-sharing reform in 1994, the average output of after-tax capital has been declining. At the same time, the scale of fiscal expenditure has been constantly expanding. This paper analyzes the impact of fiscal expenditure on the average output of after-tax capital under the framework of fiscal spending solution to market congestion. In the theoretical analysis, it shows that fiscal expenditure affects the average output of after-tax capital by increasing spending to ease market congestion. The degree of influence is determined by the tax rate , Output elasticity of expenditure, the extent of market congestion. In the empirical analysis, the measurement tests the influence of the fiscal expenditure of the local governments in the world and China on the average output of the after-tax capital, and explains the measurement results based on the reality.