财政分权与挤出效应:基于我国省级面板数据的实证分析

发布时间：2018-10-25 18:58

【摘要】：基于我国当前财政分权的背景,本文利用省级面板数据对我国不同地区、不同财政透明度省份政府投资的挤入挤出效应进行了研究。结论表明:在全国范围内政府投资挤入了民间投资,且财政分权程度与民间投资的增长呈负相关关系。从财政透明度出发,财政透明度高的省份政府投资的挤入效应高于财政透明度低的省份。从区域角度出发,中部地区政府投资的挤入效应最明显,西部次之,东部最低。同时,财政分权在东部对民间投资有显著的负作用,在中西部不显著。财政分权在财政透明度低的省份对民间投资有显著的负作用,在财政透明度高的省份不显著。因此,中西部地区应更加注重资本存量对民间投资的引导作用,在东部地区提高财政透明度,以此引致民间投资。
[Abstract]:Based on the background of fiscal decentralization in China, this paper studies the crowding out effect of government investment in different regions and different financial transparency provinces by using provincial panel data. The conclusion shows that government investment is crowded into private investment in the whole country, and the degree of fiscal decentralization is negatively related to the growth of private investment. From the perspective of fiscal transparency, the crowding effect of government investment in the provinces with high fiscal transparency is higher than that in the provinces with low fiscal transparency. From the regional point of view, the crowding effect of government investment in the central region is the most obvious, followed by the western region and the eastern region. At the same time, fiscal decentralization has a significant negative effect on private investment in the east, not in the central and western regions. Fiscal decentralization has a significant negative effect on private investment in the provinces with low fiscal transparency, but not in the provinces with high fiscal transparency. Therefore, the central and western regions should pay more attention to the leading role of capital stock to private investment, and improve fiscal transparency in the eastern region, so as to lead to private investment.
【作者单位】：中南财经政法大学金融学院;
【分类号】：F812.2

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