财政教育支出与经济高质量发展瓶颈——基于地方政府债务的调节效应

Fiscal Education Expenditure and Bottleneck of High Quality Economic Development:Based on the Moderating Effect of Local Government Debt

当前,中国经济发展进入转型升级攻关期,人力资本在提升经济质量方面发挥着愈加重要的作用。财政教育支出作为人力资本形成的重要支撑力量,其增加却没有带来经济效率的提升,经济高质量发展陷入瓶颈,背后原因值得深入研究。文章通过探究财政教育支出与全要素生产率的内在关系并利用中国2005—2016年284个地级市数据进行实证分析,研究发现,财政教育支出对全要素生产率具有促进作用;而地方政府债务对财政教育支出提升全要素生产率的作用产生了抑制效应;机制检验表明财政教育支出通过人力资本水平影响全要素生产率,而地方债务通过挤出私人投资和挤压地区私人经济规模阻断财政教育支出对全要素生产率的作用途径产生抑制作用;分位数回归结果表明财政教育支出的促进作用和债务的抑制作用在全要素生产率的不同水平下具有异质性。

China's economic development has entered a key period of transformation and upgrading,and human capital is playing an increasingly important role in improving economic quality.As an important supporting force for the formation of human capital,the increase of fiscal expenditure on education has not brought about the improvement of economic efficiency,and the high-quality economic development has fallen into a bottleneck.The reasons behind this are worth further study.Through exploring the intrinsic relationships between fiscal expenditure on education and total factor productivity and make use of China's data to carry on the empirical analysis,the study found that fiscal expenditure on education plays an promoting role in total factor productivity,and local government debt of fiscal expenditure on education improve the function of the total factor productivity had an adverse effect;The mechanism test shows that fiscal education expenditure affects total factor productivity through human capital level,while local debt inhibits fiscal education expenditure by squeezing out private investment and regional private economic scale.The results of quantile regression show that the promoting effect of fiscal education expenditure and the inhibiting effect of local debt are heterogeneous at different levels of total factor productivity.