财政分权对经济增长的影响及其路径分析——基于结构方程的多重中介效应

Impact of Fiscal Decentralization on Economic Growth and its Path Analysis: Multiple Mediating Effects Based on the Structural Equation Model

通过构建多重中介的结构方程模型,以晋升激励、地方债务和土地财政为传导路径,探究财政分权影响经济增长的中介效应。结果表明:总体上,财政分权通过中介路径对经济增长产生显著为正的中介效应。从路径来看,财政分权通过晋升激励机制对经济增长有积极的促进作用,通过地方债务机制和土地财政机制则抑制经济增长。从区域特征来看,财政分权影响经济增长的区域异质性明显,中介效应呈现"西高东低"的分布格局,差异化主要源于晋升激励机制。

This paper explores the mediating effect of economic growth influenced by fiscal decentralization by constructing the structural equation model of multiple mediators,taking promotion incentives,local government debts and land finance as the transmission paths. It shows that,in general,fiscal decentralization has a positive mediating effect on economic growth by the mediating paths.What’s more,rrom the perspective of its path,fiscal decentralization promotes economic growth by the promotion incentive mechanism and restrains economic growth by the mechanisms of local government debts and land finance. Additionally,from the perspective of regional characteristics,there is obvious regional heterogeneity of economic growth influenced by fiscal decentralization,the mediating effect presents a distribution pattern of " high in the west and low in the east",and its difference is mainly originated from the promotion incentive mechanism.