政府采购如何助力民营企业投资？

张家才¹　余典范²　王婷²

（1.上海师范大学；2.上海财经大学）

摘要：民营企业是保民生、稳就业、促发展的重要力量，以政府采购这一需求侧政策提振民营企业投资在当前投资意愿较低、投资活力不足的背景下具有重要的现实意义。本文基于2013—2024年中国政府采购中标公告数据与民营上市公司微观数据，从企业投资视角系统检验政府采购对民营企业投资规模的影响及其作用机制。研究发现，政府采购促进了民营企业投资扩张，该结论在内生性处理和多种稳健性检验后依然成立。机制分析表明，政府采购可以缓解企业融资约束并稳定未来市场预期，推动民营企业扩大投资规模。异质性分析发现，政府采购的促进效应在中小规模企业、市场化程度较低地区和财政自主度较高地区的民营企业中更为明显，且相比本地采购，异地采购对民营企业投资的促进作用更强。本文从需求侧视角揭示了政府采购影响民营企业投资行为的微观机制，为更好地发挥政府采购政策功能以发展壮大民营经济提供了经验证据。

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

作者简介：张家才，上海师范大学商学院讲师，上海，200234；余典范，上海财经大学商学院教授、博士生导师，通信作者，上海，200433；王婷，上海财经大学商学院硕士研究生。

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）；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）

引用格式：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.

How does Government Procurement Promote Investment by Private Firms?

ZHANG Jiacai¹, YU Dianfan², WANG Ting²

(1. Shanghai Normal University, Shanghai 200234;

2. Shanghai University of Finance and Economics, Shanghai 200433)

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.

Keywords: government procurement; private economy; investment development; market expectation; financing constraint; private sector promotion law

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