环保财政支出对全要素生产率的影响——基于要素配置视角的数值模拟分析

Impact of environmental fiscal expenditure on total factor productivity:a numerical simulation analysis based on the perspective of factor allocation

环保财政支出影响经济增长的理论逻辑及其作用机制如何?为回答这一问题,该研究提出一个环保财政支出影响企业间要素配置进而影响全要素生产率(TFP)的理论分析框架,以中国现实经验数据为参数赋值依据,利用数值模拟方法,从要素配置视角剖析了环保财政支出对TFP的影响及其核心机理。研究表明:环保财政支出对TFP和总产出具有较弱的负影响,作用机制源于环保财政支出可通过影响企业家自融资机制进而影响企业间的要素配置。环保财政支出结构中,用于提升总体环境质量的支出占比越大,会加剧TFP的损失,而提高用于增加企业有效环境要素投入支出的占比则有利于提升TFP,但二者的TFP效应较弱。利用排污税费为环保财政支出融资对TFP具有较弱的正影响。信贷约束对环保财政支出的TFP效应具有非常突出的影响,信贷约束越紧,企业间资本错配程度越高,环保财政支出对TFP的负影响越大。环保财政支出明显有利于减少污染排放和提高总体环境质量。因此,政府应当进一步扩大环保财政支出规模,同时优化调整环保财政支出结构、增加公共绿色技术研发投入,健全环保财政管理体制、加强环保财政职能对环境治理与经济增长的协同调节机制,完善金融市场机制、提升金融市场资本配置效率。

What is the theoretical logic and mechanism of environmental fiscal expenditure affecting economic growth?To answer this question,this study presented a theoretical analysis framework that showed environmental fiscal expenditure could affect total factor productivity(TFP)through influencing factor allocation among enterprises.It took China’s empirical data as the parameter assignment basis and used the numerical simulation method.From the perspective of factor allocation,it deeply investigated the core mechanism of environmental fiscal expenditure affecting TFP.The research showed that environmental fiscal expenditure had a weak negative effect on TFP and total output,because it could affect the allocation of factors among enterprises through the entrepreneur’s self-financing mechanism.In the structure of environmental fiscal expenditure,the higher the proportion of expenditure used to improve the overall en⁃vironmental quality,the greater the loss of TFP,and the more beneficial the proportion of expenditure used to increase the input of en⁃terprises’effective environmental factors to improve TFP.But the TFP effect of both was weak.Moreover,using pollutant discharge tax to finance environmental fiscal expenditure had a weak positive effect on TFP.In addition,credit constraints had a very prominent ef⁃fect on the TFP effect of environmental fiscal expenditure.That is to say,the tighter the credit constraints,the higher the degree of capi⁃tal mismatch between enterprises,and the greater the negative impact of environmental fiscal expenditure on TFP.Furthermore,envi⁃ronmental fiscal expenditure was clearly conducive to reducing pollution emissions and improving the overall environmental quality.Therefore,the government should further expand the scale of environmental fiscal expenditure.Meanwhile,the government should opti⁃mize the structure of environmental fiscal expenditure and increase public green technology R&D investment.It should also improve the financial management system for environmental protection and strengthen the coordinated adjustment mechanism of environmental financial functions on environmental governance and economic growth.In addition,the government should improve the financial market mechanism and enhance the capital allocation efficiency of the financial markets.