战后日本政府投资研究/

2019-04-18 22:54:29

government investment 投资 政府 Japan



政府的运作领域和运作规模始终是影响经济运行增长的变量之一,在生产和提供公共物品方面,政府的作用是毋庸置疑的,而作为政府调节经济的主要工具之一的政府投资在其中更是占有举足轻重的地位。第二次世界大战以后,日本的经济发展取得了举世瞩目的成就,仅用了15年左右的时间就走过了其它发达国家半个多世纪的工业发展道路,在这个过程中,政府投资起了非常重要的作用。研究日本政府投资的产生背景、发展阶段以及经验教训对我国目前日益增长的政府投资具有重要的借鉴与启示价值。本论文共分六个部分。
第一部分主要论述了政府投资的定义与相关理论。我们认为政府投资是指政府(包括中央政府和地方各级政府部门)为全社会公民提供生产组织供给公共物品而投入各种资源的活动。其格局主要集中在公益性、基础性以及关系国计民生、推动整个国民经济发展的重大项目上。政府投资的相关理论主要包括三个方面。第一、政府投资的内涵。主要是指政府投资的原因、目的、范围以及资金来源和运用方式。第二、市场失灵与政府投资。是从资源配置领域和经济稳定领域两个方面说明市场失灵与政府投资的关系。第三、投资乘数与投资政策效应。主要是阐述凯恩斯的投资乘数理论。
第二部分论述了战后日本政府投资产生的历史背景及发展历程。从战后日本财政的实践看,作为财政杠杆,政府投资和减税两个手段均在使用,哪个方法更好一直存在争论,日本政府从50年代后期更加重视政府投资,投资额明显增加,之后,日本的政府投资呈稳步上升趋势,逐步发展至今天的规模。战后日本的政府投资发展历程共包含五个阶段。第一阶段、被占领下的日本财政及政府投资(1945年—1951年),第二阶段、经济自立时期的财政及政府投资(1952年—1955年),第三阶段、高速增长时期的财政及政府投资(1956年—1973年),第四阶段、低速发展时期的财政及政府投资(1974年—1979年),第五阶段、重建财政及政府投资(1980—至今)。
第三部分主要论述了战后日本政府投资的资金筹措与重点投资领域。二战后,日本国内经济的发展大致经历了战后恢复、高速成长和稳定发展的三个时期,各个时期的经济运行基本状况,宏观经济管理模式和产业政策目标等各不相同,财政投融资的实施目标与政府投资内容也随之不同。在经济恢复时期(1945年—1955年),日本政府投资的资金主要来源于资金运用部,其资金也着重投向那些生产要素组合较佳、 劳动生产率较高、产品质量和经济效益上乘的优秀大企业;在经济高速成长时期(1956年—1973年),日本政府投资的资金主要来源于开发银行等政策性金融机构,资金着重投向重点产业部门和社会基础设施;在经济稳定增长时期(1974年—1990年),日本政府投资的资金主要来源于财政资金与政策性金融机构,资金着重运用在对住宅建设的增加投资与公共事业的扩大投资方面。
第四部分主要论述了战后日本政府投资的措施及特点。战后日本政府在管理政府投资方面积累了许多成功的经验,归纳起来主要包括四个方面。第一、通过健全立法稳定投资。战后日本政府颁布的有关加强政府投资的法律就有20多种,这些法律法规使日本的政府投资完全纳入立法的保护与监督之下,从法制上保证了包括政府投资在内的各项政策的连续性和稳定性,第二、通过制定计划指导投资。战后日本政府通过制定中长期经济计划规定了政府投资的总意图,还制定了一些专项计划为政府投资提出具体要求,规定今后的政府投资要与多样化、高度化的国民需求相适应,第三、通过政府干预保证投资。战后日本政府的财政资金包括一般会计预算资金、特别会计预算资金、与政府有关机构的预算资金以及地方财政预算资金四种,政府通过中央和地方财政,不仅为经济发展提供了大量的社会资金,而且对固定资本投资起了重要的调节作用,第四、通过设立“财投”调控投资。日本政府通过财政投资贷款调控投资,主要体现在集中建设资金按产业政策有计划地进行分配、通过扩大或缩小财投规模,及时刺激或拟制社会总需求、引导社会投资方向等方面。
第五部分主要论述了战后日本政府投资的积极效果与经验教训。其对宏观经济调控的绩效主要表现为政府投资保证了其产业政策的协调实施、促进了技术进步、普遍提高了劳动力素质、在日本经济衰退期延缓了衰退速度四个方面。日本政府投资的经验教训可以归纳为政府投资资金对国债的依存度过高、大规模政府投资加大财政赤字,导致国家和地方政府债务增加、政府投资的运用效率低下,造成资源浪费、政府投资的管理促使行政队伍膨胀四个方面。
第六部分主要将中日政府投资的政策效应进行了比较,并总结了日本政府投资政策对中国的借鉴与启示。中国自从1998年实施扩张性财政政策以来,用于基本建设的公共投资增加很快,然而,大规模的财政投资扩张并未带来预期的效果,其直接原因就在于投资乘数较小。日本进入20世纪90年代以后,政府实施了以扩大公共投资为核心的扩张性财政政策,公共投资的乘数随着时间推移逐步递减,政府投资对经济增长拉动效果不强。通过对日本政府投资分析研究,我们可以得到的借鉴与启示内容如下:
第一、政府投资的资金不能过于依赖财政赤字,必须注意降低国债依存度,随时警惕因财政赤字引发的恶性通货膨胀。
第二、政府投资拉动经济增长需要一定的基础条件,中国作为发展中国家和人口大国,在各项基础设施很不完备、潜在经济增长率高于现实增长率的情况下,在一定时期内保持一定规模的政府投资是必要的。
第三、政府投资不是促进经济增长的万能利器,不能解决体制和结构性问题,实践表明,当经济体制和结构问题成为经济发展的主要障碍时,大规模扩张政府投资对促进经济增长的作用将变得极为有限,甚至产生负面作用。
第四、政府投资的管理形式需要创新,管理方式需要改进,实施的效率与透明度也有待于进一步提高,不然,政府投资很容易因所有者缺位而产生一系列弊端,滋生腐败。




The operation field and operation scale of the government is always one of the variables affecting the economic growth. In the aspect of public article production and provision, the role of the government is unquestionable, whereas the government investment takes a leading position as one of the main tools regulating the economy. After the Second World War, the economic development of Japan has made outstanding achievement. It only took Japan around 15 years for its industrial development whereas it took other developed countries more than half a century. During this process, the government investment has played a very important role. The study on the generation background, development stage and experiences of the Japan’s government investment is of significant reference and inspiration value for our currently ever-increasing government investment. This thesis is divided into six parts.
The first part mainly illustrates the definition and relevant theory of the government investment. We think the government investment means the government (including central government and various local government authorities) inputs various resources to provide, produce and organize the supply of public articles for the citizens of the whole society. It is mainly focused on the key fundamental projects with public welfare, related to the national economy and people’s livelihood, and promoting the development of the whole national economy. The relevant theory of the government investment mainly includes three aspects. Firstly, connotation of the government investment, mainly referring to the government investment reasons, purposes and scopes as well as fund sources and utilization methods. Secondly, market failure and government investment, describing the relationship between the market failure and government investment from the aspects of resource allocation and economic stability. Thirdly, investment multiplier and investment policy effect, mainly illustrating the investment multiplier theory of Keynes.
The second part illustrates the historical background and development progress for the Japan’s government investment after the Second World War. In view of the Japan’s postwar financial practice, as the financial lever, both government investment and tax reduction are used. There has been the argument concerning which method is better. Since late 1950’s, the Japanese government has paid more attention to the government investment, with the investment amount increased obviously. After that, the Japan’s government investment is in the steady increase, gradually developed into current scale. The development progress of the Japan’s government investment after the Second World War is composed of altogether five stages. First stage: Japan’s finance and government investment when it was under UN control (1945-1951); second stage: finance and government investment when economy was independent (1952-1955); third stage: finance and government investment at the period of high-speed growth (1956-1973); fourth stage: finance and government investment at the period of low-speed development (1974 –1979); fifth stage: finance and government investment at the restructuring period (1980 – now).
The third part mainly illustrates the postwar fund raising and key investment field of the Japan’s government investment. After the Second World War, the domestic economic development of Japan has roughly undergone the three periods: postwar recovery, high-speed growth and steady development. The basic status of economic operation, management mode of macro-economy and industrial policy target are different from each other. Accordingly, the implementation target of the financial investment and financing and the content of government investment are different. During the period of economic recovery (1945-1955), the fund of the Japan’s government investment mainly came from the Fund Application Dept., and the fund was focused on those excellent large enterprises with optimum production element combination, high labor productivity and good product quality and economic benefit; during the period of high-speed economic growth (1956 –1973), the fund of Japan’s government investment mainly came from such policy financial institutions as development banks, and the fund was focused on key industrial sectors and social infrastructures; during the period of economic steady growth (1974-1990), the fund of Japan’s government investment mainly came from the fiscal fund and policy financial institutions, and the fund was focused on the increased investment for residential house construction and expanded investment for public causes.
The fourth part mainly illustrates the measures and features of postwar Japan’s government investment. After the Second World War, the Japanese government has accumulated many successful experiences in managing the government investment. To summarize, it mainly includes the four aspects: firstly, stabilize investment through completing the legislation. After the Second World War, the Japanese Government has promulgated more than 20 laws for enhancing the government investment, and these rules and regulations have made the Japan’s government investment fully under the legislation protection and supervision, ensuring legally the continuity and stability of various policies, including the government investment. Secondly, guide the investment through making plans. After the Second World War, the Japanese government has made the mid-term and long-term economic plan to stipulate the total intention of the government investment and also made some special plans to specify the detailed requirement for government investment, stipulating that the future government investment shall adapt to the multiple and intensive national demand. Thirdly, ensure investment through government interference. After the Second World War, the financial fund of the Japanese government includes four types: general accounting budget fund, special accounting budget fund, budget fund of the relevant government institutions and local financial budget fund. Through central and local finance, the government has not only provided large amount of social fund for the economic development, but also played an important regulating role for the investment of fixed capital. Fourthly, regulate the investment through setting up the “financial investment”. The Japanese government regulates the investment through financial investment loan, which is mainly reflected in such aspects as gathering the construction fund to distribute with plan based on the industrial policy, timely stimulating or inhibiting the total social demand through expanding or reducing the scale of financial investment, guiding the social investment orientation, etc.
The fifth part mainly illustrates the positive effect and experiences of Japan’s government investment after the Second World War. Its macroeconomic regulation achievement is mainly reflected in the four aspects: the government investment ensured the coordination and implementation of its industrial policy, promoted the technical progress, generally improved the labor quality, and put off the declination speed during the economic decaying period of Japan. The lessons of Japan’s government investment can be summarized into four aspects: the government investment fund is too dependent on the national debt, large-scale government investment has increased the financial deficit, leading an increase of the national and local government debt, the low utilization efficiency of the government investment has caused the resource waste, and the government investment management has resulted in the expansion of the administrative team.
The sixth part mainly compares the policy effect between the Chinese and Japanese government investments, and summarizes the reference and inspiration of the Japan’s government investment policy on China. Since China implemented expanding financial policy in 1998, the public investment used for the infrastructure construction has been increased rapidly. However, the large-scale financial investment expansion didn’t bring the expected effect, and it is directly due to the small investment multiplier. Since 1990’s, the Japanese government has implemented the expanding financial policy focused on enlarging the public investment. However, in view of the actual effect, the public investment multiplier is decreasing gradually along with the time, and the driving effect of the government investment on economic growth is not strong. Through analysis and study on the Japan’s government investment, we can get the following references and inspirations:
1.The government investment fund can’t depend on the financial deficit too much. We must pay attention to reducing the national debt dependence and keep alert all the time on the malignant inflation due to financial deficit.
2.The economic growth drive by the government investment needs certain basic conditions. As a developing country with large population, China has incomplete various infrastructures and the potential economic growth rate is higher than the real growth rate. It is necessary to keep certain scale of government investment within certain period.
3.The government investment is not the universal tool for promoting the economic growth and can’t solve the systematic and structural problems. The practice shows that when the economic system and structural problem become the main obstacle of economic development, the role of large-scale expansion of government investment on promoting the economic growth has become quite limited, even having negative effect.
4.The management form of government investment needs innovation, the management method needs improvement, and the implementation efficiency and transparency is also to be improved. Otherwise, the government investment is very easy to bring a series of defects due to owner absence, generating corruption.