行政分权、财政分权与金融资源配置

Administrative Decentralization, Fiscal Decentralization and Financial Resource Allocation

财政、行政分权对经济绩效的影响一直是学术界关注的焦点之一,以往研究揭示了中国财政、行政分权影响经济绩效的渠道。通过分析提出了一个新的影响渠道:金融渠道,即财政、行政分权通过影响金融发展程度、投资效率、金融资源错配程度影响经济绩效。研究发现:一是由于财政分权改革增加了地区的财政自主性,使地方政府能够将资源集中于更有效率的项目,提高了投资效率。二是行政分权给予地方更多的经济权力和政策灵活性,会有效降低政策干预的影响,进而减少金融资源的错配。三是财政、行政分权对金融发展程度的影响是不确定的。同时通过倾向匹配得分方法控制内生性,并通过增加控制变量和前期变量回归的方法验证了结论的稳健性。

The impact of administrative decentralization and fiscal decentralization on economic efficiency has always been the focus of attention in academic field.Many researches have been carried out on the impact of China’s administrative and fiscal decentralization on the channels of economic efficiency.Based on the analysis,the paper proposes a new channel:financial channel,that is,administrative and fiscal decentralization influence economic efficiency through their influences on financial development,investment efficiency,and financial resource misallocation.The research shows:First,fiscal decentralization reform improves the fiscal autonomy of the region,which helps the government to focus the resources on more effective programs,thus enhancing the investment efficiency.Second,administrative decentralization gives regional governments more economic power and policy flexibility,which effectively reduces the influences of policy intervention and further reduces financial resource misallocation.Third,the impacts of administrative and fiscal decentralization on financial development are uncertain.Meanwhile,this paper uses Propensity Score Matching method to fix the endogenous problem and proves the robustness of the conclusion by adding controlled variables and earlier stage variable regression method.