中国市场经济体制建构中的财政风险

Fiscal Risk in Constructing Market Economy System of China

中国市场经济体制的建构,一方面是政府对企业"放权让利",以利于形成市场机制;另一方面是政府重塑调控经济的手段,以适应市场机制的要求,本文称之为"双向改革"。本文试图说明,"双向改革"的制度摩擦是导致财政风险的重要原因。通过使用1997—2007年省级面板数据实证检验,结果表明:在市场经济体制构建过程中,确实存在体制改革摩擦即制度性摩擦,这种制度性摩擦不仅一定程度上弱化了"双向改革"的风险化解效果,而且自身也导致了新的风险产生。因此,探索和建构符合中国国情的市场经济体制是化解我国财政风险的根本出路。

The construction of Chings market economy is reflected in two aspects, which is called ＂two-way reform＂ by the authors. On one hand, ＂decentralization of power and transfer of profits＂ to enterprises was implemented in order to facilitate the formation of market mechanism; On the other hand, means of economic regulation are adjusted to meet the requirements of the market mechanism. This paper attempts to explain that the system friction of ＂two-way reform＂ is an important reason of fiscal risk, it makes an empirical test by using provincial panel data from 1997 to 2007. The result shows that there exists friction of system reform, namely system friction, in the process of constructing market economy system. To some degree, system friction not only weakens the effect of risk mitigation of the ＂two-way reform＂, hut also leads to the emergence of new risks. Therefore, it is the fundamental way to resolve fiscal risk by exploring and constructing market economy system in line with China＇s realities.