金融分权对中国民间投资的空间溢出效应

发布时间：2018-02-05 23:20

本文关键词： 金融分权民间投资地方财政支出空间溢出效应　出处：《山西财经大学学报》2017年01期 　论文类型：期刊论文

【摘要】：通过引入公共选择学派的竞赛成功函数,构建金融分权的理论框架,发现地方政府争夺金融分权增加了本地和周边可比地区的民间投资水平,并引发地方政府财政支出的竞争效应。在理论分析的基础上,构建SDM模型进行实证检验。结果发现:地方金融分权水平越高,本地民间投资越高,并对周边相邻及经济发展水平相似地区的民间投资具有显著正向空间溢出效应;地方争夺金融分权显著提高了地方财政支出,对本地民间投资产生了挤入效应,但对周边相邻及经济发展水平相似地区的民间投资产生了挤出效应。
[Abstract]:By introducing the competitive success function of public choice school to construct the theoretical framework of financial decentralization, it is found that local governments' competition for financial decentralization increases the level of private investment in local and adjacent comparable areas. On the basis of theoretical analysis, we construct SDM model to make empirical test. The results show that the higher the level of local financial decentralization, the higher the local private investment. It also has a significant positive spatial spillover effect on the neighboring areas and the areas with similar economic development level. Local competition for financial decentralization has significantly increased the local financial expenditure, which has a crowding effect on local private investment, but it has a crowding out effect on the neighboring areas and areas with similar economic development level.
【作者单位】：南京大学经济学院;
【基金】：国家自然科学基金项目(71271108)
【分类号】：F832.5;F124

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