财政政策如何影响全要素生产率:异质性与市场化的视角

How Fiscal Policy Affects the Total Factor Productivity:The Perspective of Heterogeneity and Marketization

积极的财政政策是保证中国经济持续增长的重要动力之一,进而对于经济社会的运行效率产生深刻的影响。基于我国2001 2015年的省级层面数据,使用随机前沿方法估算了省际的全要素生产率水平,并研究财政政策如何对生产率产生影响。发现:第一,2008年前后财政扩张与全要素生产率的关系产生了结构性变化。2008年以前财政政策与生产率的相关性并不显著,2008年以后财政扩张对生产率产生了显著的负面作用。第二,积极的财政政策通过加剧要素市场的扭曲程度,抑制了生产率的提升。第三,当要素扭曲程度较低时,采用积极的财政政策对市场化水平与全要素生产率的损害更为严重。因此,在推进要素市场化、改善全要素生产率过程中需要更加注重财政政策的作用,防止产生扭曲与抑制。

The positive fiscal policy,as well as the mode of government intervention,are important driving forces to the sustained growth of China’s economy,which have a profoundly influence on the efficiency of the economic and social operation.Based on the provincial level data of 2001 2015 years in China,this article uses the stochastic frontier method to estimate the level of total factor productivity(TFP)and analyze how fiscal policy affects the productivity.It is found that:firstly,the relationship between fiscal expansion and total factor productivity in 2008 has undergone structural changes.Before 2008,the correlation between fiscal policy and productivity was not significant.After 2008,fiscal expansion had a significant negative effect on productivity.Secondly,the positive fiscal policy has increased productivity by exacerbating the distortion degree of the factor market.Thirdly,when the factor distortion degree is relatively low,the negative influence of positive fiscal policy is more serious to the marketization level and TFP.The conclusion means that we should pay more attention to the role of fiscal policy during the process of promoting factor marketization and improving the total factor productivity.It is of great practical significance for the establishment of modern financial system and the optimization of government expenditure structure.