Transportation Infrastructure Investment, Factor Market Distortion and Economic Growth

Abstract

Abstract:

Based on the panel data of 30 provinces in China from 2005 to 2015, this paper examines the relationship between transportation infrastructure investment, factor market distortion and economic growth by using a two-way fixed effect model. The results show that there is a significant nonlinear effect between transportation infrastructure investment and economic growth, showing an inverted U-shaped relationship, that is, with the expansion of the scale of transportation infrastructure investment, economic growth first increased and then decreased. The sub-regional sample test shows that there is a significant inverted U-shaped relationship between transportation infrastructure investment and economic growth in the eastern region, while the inverted Ushaped relationship between transportation infrastructure investment and economic growth in the central and western regions is not significant. To further explore the impact mechanism of transportation infrastructure investment on economic growth, this paper introduces factor market distortion and finds that factor market distortions have negative impact on economic growth. From the perspective of enhancing the driving force of economic growth, this paper discusses the investment scale of transportation infrastructure under the optimal conditions of economic growth, which provides decision support for the construction of transportation infrastructure in China.

Key words: transportation economy, transportation infrastructure investment, factor market distortion, economic growth, two-way fixed effect

摘要：

选取2005—2015年中国30个省份的面板数据，采用双向固定效应模型考察交通基础设施投资、要素市场扭曲与经济增长之间的关系.研究结果表明：交通基础设施投资与经济增长之间具有显著的非线性效应，呈现倒U型关系，即随着交通基础设施投资规模的扩大，经济增长出现先上升后下降的现象.对全国分地区样本检验发现，东部地区交通基础设施投资与经济增长之间存在显著的倒U型关系，中西部地区交通基础设施投资与经济增长之间倒U型关系不显著.为进一步探索交通基础设施投资对经济增长的影响机制，本文引入要素市场扭曲发现，要素市场扭曲对经济增长具有负向影响.本文从增强经济增长动力的视角，探讨了经济增长最优条件下的交通基础设施投资规模，为我国交通基础设施建设提供了决策支持.

关键词: 交通运输经济, 交通基础设施投资, 要素市场扭曲, 经济增长, 双向固定效应

CLC Number:

F503

SUN Xiang-xiang, ZHOU Xiao-liang. Transportation Infrastructure Investment, Factor Market Distortion and Economic Growth[J]. Journal of Transportation Systems Engineering and Information Technology, 2019, 19(1): 13-18.

孙湘湘，周小亮. 交通基础设施投资、要素市场扭曲和经济增长[J]. 交通运输系统工程与信息, 2019, 19(1): 13-18.

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URL: http://www.tseit.org.cn/EN/abstract/abstract19759.shtml

http://www.tseit.org.cn/EN/Y2019/V19/I1/13

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