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通过理论推导构建一个反映公共政策与工业投资之间关系的欧拉投资方程模型。其中地区公共政策包含的内容有公共基础设施建设、人力资本和技术资本。再利用我国1994～2009年的省级面板数据进行SYS-GMM经验检验,结果得出:在东部地区,偏向技术资本的公共政策对地区工业投资的正面作用越来越明显;在中部地区,偏向人力资本和公共基础设施建设的公共政策对地区工业投资有显著的促进作用;在西部地区,只有偏向公共基础设施建设的公共政策可以有效地刺激地区工业投资。
Through theoretical deduction, we construct an Euler equation of investment equation that reflects the relationship between public policy and industrial investment. The regional public policy includes public infrastructure construction, human capital and technology capital. Then we use the provincial panel data from 1994 to 2009 to test the experience of SYS-GMM. The result shows that in the east, the positive effect of public policies favoring technical capital on industrial investment in the region is more and more obvious. In the central region, Public policies on human capital and public infrastructure have a significant role in promoting industrial investment in the region. In the western region, only public policies that favor public infrastructure can effectively stimulate industrial investment in the region.