“社会投资国家”这一概念在20世纪90年代开始盛行,成为应对新自由主义批判以及“福利国家紧缩”的解药。然而,从去商品化的福利国家到商品化的社会投资国家的转变,是不是西方国家应对低成本经济体竞争力的适当战略,引起了学术界的争论。本文主要通过分析1998年和2003年24个国家的社会支出情况,认为虽然福利国家的概念已经发生了不可否认的转变,但这种转变在社会支出中无法体现。相对于现实状况,人们远远夸大了社会投资国家这个概念,但社会投资路径很有可能会影响到未来的公共支出,这是一个要进一步研究的主题。 The concept of “social investment country” began to flourish in the 1990s and became the antidote to the neoliberal critique and the “welfare state tightening”. However, the shift from de-commodified welfare states to commercialized social investment countries is not an appropriate strategy for Western countries to cope with the competitiveness of low-cost economies and has caused controversy in academia. This paper mainly analyzes the social spending in 24 countries in 1998 and 2003 and thinks that although the concept of welfare state has been undeniably changed, the change can not be reflected in the social expenditure. Relative to the actual situation, people have exaggerated the concept of social investment country, but the social investment path is likely to affect future public spending, which is a subject for further study.