生产性支出

进一步的，在借鉴已有研究的基础上，本文试图通过非生产性支出这一框架来解释政治关联对公司业绩的损害途径。

And basing on previous research , we use the non productive expenditure to explain the influence path .

河北省财政支农生产性支出与非生产性支出的对比分析

The Comparative Analysis of the Productive Expenditure and the Nonproductive Expenditure in the Financial Expenditure for Agriculture in Hebei Province

进一步的，本文引入非生产性支出的框架来解释高管政治关联损害公司业绩的可能途径。

Furthermore , we bring in framework of non-productive expenditure to explain possible influence path of political connection .

虽然公共财政支出因为包含了非生产性支出或转移支付，因此经济效率较低。

Local fiscal expenditure always contains some non-productive expenditure and transfer payment , so its economic efficiency is relatively lower .

相反，我们甚至可以认为，只要现金没有用于生产性支出，而是闲置在资产负债表上，仅仅赚取微薄的回报率，它其实是在拖累公司收益的增长。

Arguably , as well , it is actually a drag on earnings growth as long as cash sits on the balance sheet unproductively earning low rates of return .

发行公司债券筹集的资金，必须用于审批机关批准的用途，不得用于弥补亏损和非生产性支出。

The proceeds from issuance of company bonds shall be used for the purpose approved by the approval authority , and may not be used to cover losses and non-operating expenditures .

改革开放以来，我国财政支出规模呈先缩小后扩大的趋势，但是财政生产性支出占财政总支出的比重却不断缩小。

After China 's opening and reforming , the fiscal expenditure scale dwindled first and enlarged afterward , but the rate of fiscal productive expenditure in total expenditure is gradually reducing .

研究结果显示，财政收入、政府消费性支出、政府生产性支出、财政赤字分别与就业变量之间存在长期均衡的协整关系。

Research results show that there is a long-term equilibrium co-integration relationship between the government revenues , the government consumer spending , the government productive expenses , fiscal deficit and employment respectively .

政府生产性支出作为公共支出的一部分，在引导私人资本投资，提高劳动供给水平，促进经济长期增长方面具有重要作用。

As a part of public expenditure , the productive government expenditure has an important effect on guiding private capital investment , improving the level of labor supply and promoting long-run economic growth .

因此，从总的结果来看，对社会是不利的，至少是有一万镑的差异，即丙的那笔非生产性支出额。

There is , therefore , on the general result , a difference to the disadvantage of the community , of at least ten thousand pounds , being the amount of C 's unproductive expenditure .

中央财政生产性支出对经济增长的推动力量远高于地方财政生产性支出，（3）国家财政的非生产性支出规模过大，不利于经济增长。

Second , the impelling action of central government fiscal productive expenditure is larger than local productive expenditure . Third , the scale of nonproductive fiscal expenditure is too large , which is no good to economic growth .

长期以来政府卫生支出一直被视为一种消费性支出，可以增进社会福利，但降低经济增长率，但作为政府对国民健康人力资本的投资其生产性支出的特点也是显而易见的。

Government health expenditure has long been considered as a nonproductive expenditure , which can promote the social welfare , but reduce economic growth rate . But as a kind of investment of the national health capital , this expenditure also has an obvious feature of productive expenditure .

许多企业处于这种情况：拥有现金储备，但往往找不到生产性用途支出资金。

Many corporations are in this situation of having cash piles but often do not have productive uses for the money .

但对于生产性政府支出，开放经济的最优税收政策与封闭经济的最优税收政策并不完全等价。

But for government produc-tion expenditure , the optimal tax policy in an open economy is incompletely equivalent to that in a closed economy .

对于具有相对拥挤性的生产性政府支出，本文利用附加效用值函数法，分析财政政策的增长效应和福利效应，讨论最优的财政政策。

For government production expenditure , this paper analyzes growth effect and welfare effect of fiscal policy and discusses opti-mal fiscal policy by the additional utility value function method .

其次，在内生经济增长理论经典模型和区域经济收敛理论的基础上，分别从生产性财政支出流量和存量两个方面对其与区域经济增长的关系进行理论分析。

Secondly , based on the classical endogenous growth theory and regional economic convergence theory , theoretical analysis in this article explains flows and stocks of productive expenditure and their relations with the regional economic growth .

哈佛大学（HarvardUniversity）教授迈克尔礠森（MichaelJensen）后来批评企业集团存在“数十亿非生产性的资本支出和组织效率低下现象”，赞扬了企业朝着“更小、更集中、更高效”的方向演变的趋势。

Michael Jensen , a Harvard professor , later criticised the " billions in unproductive capital expenditures and organisational inefficiencies " at conglomerates , praising the trend toward " smaller , more focused , more efficient " enterprises .

研究结果表明：①生产性的财政支出项目能够促进经济增长，而非生产性的财政支出项对经济增长影响不显著。

The results show that productive fiscal expenditure would promote economic growth , while unproductive fiscal spending had no significant impact on economic growth .

政府消费支出具有很强的生产性，与投资支出相比更能促进经济增长的实证性结论。

Compared with government investment , the government consumption can contribute more to the economy growth .

本文利用政府提供公共物品生产函数，分析政府生产性支出的增加对税前和税后产出-资本比的影响，认为存在着一个能使产出-资本比最大化的最优政府生产性支出规模。

Our analysis suggests that there is an optimal government productive expenditure scale that it can make the rate of output to capital reach maximal level .