The infrastructure and fixed asset investment are still very important for china's economic growth.Based on TVP-VAR model,this paper calculates the contribution of different sector input and analyzes the time-varying char-acters.The results show that,although bank loans contribute less on economic growth comparing to enterprise self-fi-nancing,it is more stable.However,the influences of both two types of capital mainly reflect in the short term.Nowa-days,under the new normal economic background,the government should stable the input of bank loans and take more concerns on enterprises'self-financing in order to improve its'capacity of investment.Only could this enhance eco-nomic endogenous driving forces and complete the economic strategic transition.%本文以河南省为例,测算了信贷资金和自筹资金对经济增长的贡献度,并运用时变参数向量自回归模型(TVP-VAR模型)对其时变特征进行实证研究.结果表明:与自筹资金相比,信贷资金投入对经济增长的推动作用较弱,且其对经济增长影响主要体现在短期,而自筹资金对经济增长的影响较强且更长久和持续;进一步研究还发现,信贷资金对经济增长的影响相对稳定,而自筹资金对经济增长贡献的波动性较大,时变特征明显.当前应在稳定信贷资金投入规模的同时,提高资金使用效率,同时,进一步简政放权,拓宽企业自筹资金渠道,以提升企业自主投资能力,促进经济战略转型.
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