经济管理研究中心助理教授王志锋的论文“A structural estimation of the return to infrastructure investment in China”被发展经济学领域顶级期刊《Journal of Development Economics》接受发表（合作者: Guiying Laura Wu, Qu Feng）。
论文简介：
Abstract: The productivity effect of infrastructure investment is controversial in the traditional literature using aggregate production function estimation due to reverse causality. This paper develops a new approach, using a structural model of firm-level production function, and matching Chinese firm-level production data with province-level infrastructure data. The estimated rates of return are about 6 percent averaged from 1999 to 2007. The returns triple if national-level spillover effects are taken into account. Controlling for the demand effect of public expenditure leads to smaller but still positive returns. The effect of infrastructure investment on firm-level productivity is heterogenous. With an increase in infrastructure investment, lower productivity firms are more likely to exit and higher productivity firms gain more market share.
