财政支出竞争与地区资本配置效率——基于空间计量模型的实证检验

Financial Expenditure Competition and Regional Capital Allocation Efficiency——An Empirical Test Based on Spatial Econometric Model

将空间外部效应考虑到财政支出竞争与地区资本配置效率的关系中来,基于Wurgler方法测算和比较了全国31个省区市的资本配置效率,进而利用空间计量模型实证检验了财政支出竞争对地区资本配置效率的影响。研究结果表明:从全国范围来看,资本配置效率存在空间负相关性,政府财政支出竞争对地区资本配置效率具有显著的阻碍作用;分组估计显示,东部和中西部地区之间存在明显差异,东部省份的财政支出竞争有利于资本配置效率提升,中西部地区的财政支出竞争则扭曲了资本流动方向,在一定程度上降低了资本配置效率。

Different from the previous studies, this paper takes spatial external effects into consideration in terms of the relationship between financial expenditure competition and regional capital allocation efficiency. The capital allocation efficiencies of 31 provinces in China are calculated and compared based on Wurgler＇s model. Furthermore, an empirical test about the effect of financial expenditure competition on capital allocation efficiency is given using the spatial econometric model. The results indicate that on the national scale, capital allocation efficiency has negative correlation with space while financial expenditure competition has a significant impediment to regional capital allocation efficiency in the whole country. The grouping estimation shows that there is an obvious difference between the eastern regions and the mid-western regions, and the financial expenditure competition in the east is beneficial to improve the capital allocation efficiency while in the mid-west it distorts the direction of capital flow and reduces the capital allocation efficiency to some degree.