税收竞争对地方政府隐性债务治理的作用研究

Study on the Role of Tax Competition on Local Government Implicit Debt Governance

文章以我国2008—2020年30个省(市)为研究对象,以地方政府隐性债务举借环节的增量风险以及使用环节的绩效水平为切入点,分析税收竞争对隐性债务治理的效应。研究结果表明,现阶段我国地区政府间的税收竞争尚处于合理范围内,良性的税收竞争降低了隐性债务举借环节的增量风险,提高了使用环节的绩效水平。随着《新预算法》的颁布以及地方政府债务置换计划的推出,税收竞争改善隐性债务治理的作用被削弱。机制检验结果表明,税收竞争通过减轻地方政府的财政压力改善对隐性债务的治理,并通过缓解预算软约束问题降低隐性债务举借环节的增量风险。审计揭示、整改功能的发挥对税收竞争提高债务资金的使用绩效有负向的调节效应。此外,异质性分析表明,税收竞争影响隐性债务治理的效果在竞争强度、债务规模、经济发展水平不同的地区有所差异。文章的研究对税收竞争结合金融审计改善地方政府隐性债务的治理,并进一步提高地方政府债务治理效率具有重要的启示和意义。

The article takes 30 provinces(municipalities)in China from 2008 to 2020 as the research objects,and takes the incremental risk of local governments'implicit debt borrowing and the performance level of the usage of debt as the entry point to analyze the effect of tax competition on the governance of implicit debt.The result shows that tax competition among regional governments in China is still within a reasonable range,and that healthy tax competition reduces the incremental risk in the borrowing of implicit debts and improves the performance level in the use of such debts.With the promulgation of the New Budget Law and the introduction of the local government debt swap scheme,the role of tax competition in improving the governance of implicit debts has been weakened.The results of the mechanism test show that tax competition improves the governance of implicit debt by reducing the fiscal pressure on local governments and reduces the incremental risk of the implicit debt borrowing by alleviating the problem of soft budget constraints.The function of audit revealing and rectification has a negative moderating effect on tax competition to improve the performance of debt funds.Furthermore,heterogeneity analysis suggests that the effect of tax competition on the governance of implicit debt varies across regions with different levels of competition intensity,debt size,and economic development.This research has important enlightenment and implications for tax competition combined with financial audits to improve the governance of local governments'implicit debt and to further improve the efficiency of local government debt governance.