政府投资、经济增长对私人投资的动态效应和地区差异——基于1993-2007年我国三大地区的动态面板数据模型

here still remains considerable controversy over crowing out (in) effects of government investment on private investment. Based on the concept of social discount rate, economic growth variable is introduced in dynamic panel data model that uses data of China’s eastern, middle and western regions from 1993-2007. Empirical test finds out that economics growth rate contributes most to private investment, especially for the west region, while it is less obvious in the middle and east. Dynamic effect of private investment in the east is statistically significant, but not in the middle and eastern regions. Short-run government investment in each area demonstrates insignificant crowding-out effect，yet the west seems stronger than the east and middle, among all of which crowding-in effect works in the long-run. There exists indirect crowding-in effect of government invest on private capital and the west is the typical area. Moreover, investment environment and economic growth rate are of greater meaning for the middle and western regions to improve economic efficiency.