财政政策、融资约束与全要素生产率

Fiscal Policy,Financial Constraints and Total Factor Productivity

从宏观层面来看,财政政策是影响全要素生产率的重要因素。然而,在财政分权模式下,地方政府支出控制权的不同使周期性财政政策表现出省际差异,进而影响行业生产率水平。综合使用1995—2010年间省份产业数据,并利用最新的ACF方法测算全要素生产率,考察周期性财政政策的省际差异对行业生产率水平的影响。研究发现在财政政策逆周期性较强的地区,外部融资依赖程度高的行业生产率水平较低;同时,在加入了一系列控制变量以及稳健性检验之后,结论依然成立。因此,在财政政策的制定和实施过程中,必须考虑到周期性财政政策存在省际差异这一因素,提高政策针对性推动生产率水平的提升。

On the macroscopic level, proactive fiscal policy is an important factor that affects to- tal factor productivity. However, under the fiscal decentralization, cyclical fiscal policy is different in regions, and then affects total factor productivity significantly. In this paper, we have explored the effect of region differences in cyclical fiscal policy on TFP. By the comprehensive use of the province and industrial data from 1995 to 2010, and estimating total factor productivity in the meth- od of ACF, we find that industries with higher financial constraints tend to have less total factor productivity in regions with counter-cyclical policies. In addition, this result still holds after adding a series of control variables and robustness test. So in the process of economic development, we must consider the factor that cyclical fiscal policy is different in regions, and use proper ways to promote total factor productivity.