经济与管理研究2026，Vol.47Issue(4)：17-33,17.DOI:10.13502/j.cnki.issn1000-7636.2026.04.002
政府采购如何助力民营企业投资?
How does Government Procurement Promote Investment by Private Firms?
摘要
Abstract
The private sector is an indispensable pillar of the Chinese economy,playing a pivotal role in stabilizing employment,safeguarding public wellbeing,and driving technological innovation.Despite its profound contributions,private firms currently face a severe bottleneck characterized by a sluggish investment appetite and insufficient market vitality.While previous policy interventions have predominantly relied on supply-side measures such as tax and fee reductions,these tools often experience diminishing marginal returns in the face of weak aggregate demand.Consequently,leveraging government procurement as a strategic,demand-side fiscal policy instrument has emerged as a crucial mechanism to inject stable market demand,mitigate uncertainties,and actively implement the spirit of the Private Economy Promotion Law. Against this backdrop,this paper systematically investigates the impact of government procurement on the investment scale of private firms,aiming to uncover the underlying micro-mechanisms from a demand-side perspective.It constructs a comprehensive panel dataset by merging China's government procurement bid announcements with the micro-level financial data of listed private firms from 2013 to 2024.To rigorously test the hypotheses,it employs a multi-dimensional fixed effects regression model.Furthermore,to address potential endogeneity arising from reverse causality and omitted variables,it utilizes instrumental variable(IV)approaches alongside propensity score matching(PSM)and alternative variable measurements. The empirical results yield several compelling findings.First,government procurement stimulates the expansion of investment scale among private firms.This core conclusion remains robust after a battery of sensitivity analyses and endogeneity treatments.Second,the mechanism analysis reveals two primary channels through which this promoting effect materializes:alleviating financing constraints and anchoring future market expectations.Finally,the heterogeneity analysis uncovers that the investment-stimulating effect of government procurement is structurally asymmetric.The effect is more pronounced among small and medium-sized enterprises(SMEs),and stronger for firms located in regions with lower levels of marketization and in regions with higher fiscal autonomy.Notably,cross-regional(non-local)procurement exerts a substantially larger positive influence on investment by private firms compared to local procurement. Overall,this paper provides empirical evidence for optimizing the strategic functions of government procurement.It is recommended that policymakers should institutionalize government procurement to restore confidence in the private sector,continuously improve the business environment for fair competition,and proactively eliminate implicit barriers,thereby promoting the high-quality and sustained development of the private economy.关键词
政府采购/民营经济/投资发展/市场预期/融资约束/民营经济促进法Key words
government procurement/private economy/investment development/market expectation/financing constraint/private sector promotion law分类
管理科学引用本文复制引用
张家才,余典范,王婷..政府采购如何助力民营企业投资?[J].经济与管理研究,2026,47(4):17-33,17.基金项目
国家社会科学基金重点项目"重大突发事件情境下重点产业供应链韧性评估与对策研究"(23AZD081) （23AZD081）
上海市软科学研究项目"上海耐心资本支持关键核心技术的机制设计与政策创新研究"(25692115500) （25692115500）
