中文摘要：

政府投资是政府履行职能、调节经济的重要手段。结合现有文献的不足,重新界定了政府投资内涵和外延,基于动态面板GMM估计模型,着重考察了政府投资其受其他变量影响的机制和途径。分析得出：政府投资主要受其滞后项、私人投资、经济增长、人力资本水平和产业结构影响;政府投资滞后效应的延续性较差,且呈收敛性特征;政府投资与私人投资之间同时存在“挤入”和“挤出”效应。

英文摘要：

Government investment is an important means for the government to perform its functions and regu- late the economy. Aiming at the deficiency of the existing literature, the paper defines the connotation and extension of the government investment. Then based on the dynamic panel GMM estimation model, the paper focuses on the mechanism and way of the governmentg investment affected by other variables. The main conclusions of the analysis ineludet： government investment is mainly affected by the time -delay terms, private investment,economic growth, the level of human capital and industrial structure ; the continuity of the lag effect of government investment is poor and the government investment has convergent characteristic ;the ＂crowding in＂ and ＂crowding out＂ effect between government investment and private investment exist at the same time.