财政透明、FDI与经济高质量发展

Fiscal Transparency,FDI and High-quality Economic Development

财政透明作为建立现代财政体制的内在诉求与制度基础,不仅能够通过促进公共部门的高效运行与社会资源的优化配置直接作用于经济高质量发展,而且能够通过优化外来投资者面临的制度环境与增强地方政府对于FDI的吸引力间接作用于经济高质量发展。首先,诠释财政透明与FDI对经济增长质量的作用机制以及提出研究假设。其次,通过建立面板联立方程模型与采取3SLS估计实证考察财政透明与FDI对地方经济增长质量的影响,结果发现财政透明对地方经济增长质量提升呈负向抑制效应,而FDI对经济增长质量的影响具有显著地区异质性。最后,通过对面板联立方程模型进行标准化回归估计进一步考察发现:财政透明对地方经济增长质量存在双重作用机制,即财政透明不仅可以直接作用于地方经济增长质量,还可以通过促进FDI流入对地方经济增长质量产生间接影响;FDI在发达地区能显著促进地方经济增长质量提升,但在欠发达地区反而对经济增长质量提升产生抑制作用。

As the internal requirement and the institutional basis of perfecting modern fiscal system, fiscal transparency not only contributes to the efficient operation of the public sector and the optimal allocation of social resources so that it can directly promote the achievement of high-quality economic development, but also it indirectly promotes the achievement of high-quality economic development by optimizing the institutional environment for foreign investors and strengthening the attraction of local governments to FDI. This paper firstly systematically interprets the multiple mechanisms and effects of fiscal transparency and FDI on high-quality economic development from the theoretical level and puts forward the research hypotheses. Then this paper builds a panel simultaneous equation model and adopts 3 SLS estimation method to conduct an empirical study, and it is found that fiscal transparency will impede the quality of economic growth while the impact of FDI on the quality of economic growth has significant regional heterogeneity. After that, standardization regression of the panel simultaneous equation model is conducted to make a further investigation, and the results are as follows. On the one hand, fiscal transparency affects the quality of economic growth through two channels. That means in addition to the direct effect, fiscal transparency can also affect the quality of economic growth by attracting more FDI inflows.On the other hand, FDI inflows can improve the economic growth quality in the developed regions while FDI inflows has the opposite effect in less-developed regions.