题目：Is road infrastructure investment in China excessive? Evidence from productivity of firms
主讲人：黎志刚/亚洲开发银行经济学家
时间：2015年12月24日(周四）下午 15:00
地点：学院三楼会议室 摘要: China’s road investment boom since 1990 has often been criticized as excessive due to the distortions of government incentives. To address this concern, we provide econometric evidence on the productivity of road investment in China using panel data of medium and large manufacturers nationwide during 1998-2007. We extend the model of Fernald (1999) to allow for imperfect competition. To address endogeneity in road investment, we estimate the differential impact of road investment on the productivity growth of firms with different transport reliance. Our estimates suggest a rate of return of approximately 83%, which is large enough to reject the excessiveness of road infrastructure in China during the sample period. Moreover, contrary to common criticism, we find that the productivity of roads is higher in inland China, where institutional quality is lower. 欢迎广大师生参加！