财政分权、地方政府债务和全要素生产率——基于省际面板数据的实证分析

Fiscal Decentralization,Local Government Debt and Total Factor Productivity——An Empirical Analysis Based on Provincial Panel Data

以财政分权改革为契机,选择中国2000—2015年省域面板数据,采用系统GMM方法探讨财政分权、地方政府债务对全要素生产率的影响。结果表明:财政分权、地方政府债务以及两者的交互项都对全要素生产率产生显著的促进作用,只是因为地区的差异而表现出促进效果的不同。财政分权背景下的地方政府债务对全要素生产率提升具有重要的促进作用,要继续完善财政分权改革的措施,为各地政府搭建有效的投融资平台,助推地区经济向高质量发展转变。

Taking China’s fiscal decentralization reform as a turning point,this paper adopts China’s provincial panel data between 2000 and 2015 and the SYS-GMM in its analysis of the influence of fiscal decentralization and local government debt on total factor productivity. Results show that fiscal decentralization,local government debt,and the interaction of the two all have a significant promoting effect on total factor productivity,but with different effects in different regions. This shows that under the background of fiscal decentralization,local government debt has an important promoting effect on the enhancement of total factor productivity. Therefore,China should continue to improve the measures of fiscal decentralization reform,set up an effective investment and financing platform for local governments,and promote the transition of regional economy towards high quality development.