目前不论从哪方面说,发挥财政稳定和调节分配的功能,比扩大投资支出更有意义。理由如下: 政府投资作用有限,很难达到预期效果。首先,政府投资比重太小,很难影响总需求。去年,财政预算的投资支出只有几百亿元,加上增发国债后形成的实际支出,也不过只有一千多亿元,只占全社会总投资的4％左右。 其次,乘数效应有限,根据以往的经验,政府投资支出中40％的部分会直接形成有关阶层的收入。如果这些阶层边际消费倾向很高,乘数效应自然就大。可是在现行的政府投资体制 At present, no matter from which aspect, the function of financial stability and adjustment of distribution is more meaningful than the expansion of investment spending. The reasons are as follows: The role of government investment is limited, it is difficult to achieve the desired results. First, the proportion of government investment is too small, it is difficult to affect the total demand. Last year, the expenditure on the budget was only tens of billions of yuan. The actual expenditure incurred after the issuance of additional treasury bonds was only about 100 billion yuan, accounting for only about 4% of the total social investment. Second, the multiplier effect is limited. Based on past experience, 40% of the government’s investment expenditure directly contributes to the income of the relevant sectors. If the marginal propensity to consume these sectors is high, the multiplier effect naturally large. However, in the current government investment system