中文摘要：

政府支出的融资方式如何影响长期经济增长和社会福利是一个十分重要的问题。基于政府公共支出的外溢性视角,将其纳入到社会生产函数中,构建一个动态一般均衡模型,从经济增长和社会福利的角度,比较基于资本所得与劳动所得进行融资的优劣。研究结果显示：（1）在样本经济参数环境下,无论是基于劳动所得还是资本所得融资,两者与经济增长、社会福利之间均呈现“驼峰”型关系;（2）从经济增长角度看,基于劳动所得融资的边际效应大于资本所得融资的边际效应,调整劳动所得的政策效果更强;（3）从社会福利角度看,资本所得融资下的社会福利要大于相应劳动所得融资下的社会福利,调整资本所得更具有效率。

英文摘要：

How does the financing method of government spending affect the long-term economic growth and social welfare is an extremely important problem. From the perspective of the outside overflow of government public expenditure, this paper takes it into the social production function to construct a dynamic general equilibrium model; then from the angle of economic growth and social welfare, it compares the advantages and disadvantages of financing from capital income or from labor income. The results show that： （1） in the environment of sample economic parameter, both of the fi- nancing from labor income or from capital income present a hump shape relationship with the eco- nornic growth and the social welfare; （2） from the angle of economic growth, the marginal effect of financing from labor income is larger than the that from the capital income, and the policy effect of adjusting the labor income is stronger; （3） from the angle of social welfare, the social welfare under the capital income financing is greater than the social welfare under the labor income financing, ad- justing capital income has more efficiency.