财政分权背景下政府债务对全要素生产率的影响

The Effect of Government Debt on Total Factor Productivity in the Context of Fiscal Decentralization

深化财税体制改革是助推我国经济向高质量发展的必然诉求。文章选择中国2000-2016年29个省(市、自治区)的面板数据,采用系统GMM方法来探讨财政分权背景下政府债务对全要素生产率的影响。研究结果发现:财政分权、地方政府债务以及其交互项都对全要素生产率及其技术效率和技术进步均存在显著的促进作用,并因地区的发展差异而导致促进效果的不同;财政分权、地方政府债务以及其交互项对全要素生产率的促进作用主要表现在对其技术进步的促进作用上,这也体现了当下由要素驱动转向创新驱动的现实国情。最后,依据实证结论提出相关政策启示。

Deepening the reform of fiscal and taxation system is the inevitable requirement to boost the development of China’s economy to high quality. This paper applies the SYS-GMM to discuss the effect of government debt on total factor productivity in the context of fiscal decentralization based on the panel data of 29 provincial-level administrative areas in China from 2000 to 2016. The study results show that: Fiscal decentralization,local government debt and their interactions have significant pro. moting effects on total factor productivity,technical efficiency and technological progress. And the promoting effects are differ. ent due to the differences of regional development;The roles of fiscal decentralization,local government debt and their interac. tions in promoting total factor productivity are mainly manifested in improving technological progress,which also embodies the reality of the current situation from factor-driven to innovation-driven. Finally,the paper proposes relevant policy implications based on the empirical conclusions.