财政资源再配置的结构红利效应研究

Research on the Structural Bonus Effect of Fiscal Resource Reallocation

以税收和补贴作为切入点,考察制造业内部财政资源再配置对产业结构的影响,并进而对其结构红利效应进行评估,实证分析表明:中国各地区的制造业内部存在着较为显著的财政资源再配置,其中补贴的再配置尤为明显;补贴在制造业内部的再配置,显著促进了要素向生产率较高和增长较快的行业流动,符合"结构红利假说"的方向,而税收再配置的作用则倾向于是负面的;对体制性约束的考察表明,中央和地方的财政分权以及市场化进程的推进,均有利于强化财政资源再配置的积极作用,并缓解其负面影响。

With tax and subsidy as a focal point, this paper explores the effect of the fiscal resource reallocation of manufacturing industry on industrial structure, and evaluates the effect on the structural bonus. We find that, firstly, there is obvious fiscal resource reallocation in the manufacturing industry, especially the reallocation of subsidy; secondly, generally speaking, the reallocation of subsidy significantly promotes the factor flow towards the industry with higher productivity or productivity growth, conforming to the ＂Structural Bonus Hypothesis＂, while the effect of the tax reallocation is negative ; thirdly, the ex- ploration of the institutional constraints shows that, both of fiscal decentralization and marketization can strengthen the positive effect of fiscal resource reallocation and weaken its negative influence.