地方财政生产性支出偏向、地方财政支出效率及门槛效应

Productive Expenditure Bias, Fiscal Expenditure Efficiency and Threshold Effect of Local Finance

基于2007—2021年省级面板数据,对地方财政生产性支出偏向与地方财政支出效率的关系进行了实证检验,研究结果表明:地方财政生产性支出偏向与地方财政支出效率呈负相关关系;财政支出竞争存在单一门槛效应,城市化存在双重门槛效应;由于财政支出竞争程度过高,导致地方财政生产性支出偏向受约束程度小,进而对财政支出效率的负向影响更加强烈;城市化水平中等、处于快速发展阶段且财政支出竞争较高的省份,其地方财政生产性支出偏向对财政支出效率负面影响最大。这一结论有助于揭示地方财政生产性支出偏向对地方财政支出效率的影响机制,为优化政府财政资金的配置效率提供经验性证据。

Based on the provincial panel data from 2007 to 2021,this paper empirically tests the relationship between the productive expenditure bias and the fiscal expenditure efficiency of local finance.The results show that the productive expenditure bias of local fiscal expenditure is negatively correlated with local fiscal expenditure efficiency.Fiscal expenditure competition has a single threshold effect while urbanization has a double threshold effect.Due to the high degree of fiscal expenditure competition,the productive expenditure bias of local finance is not sufficiently constrained,which leads to a more intense negative impact on fiscal expenditure efficiency.Productive expenditure bias has the greatest negative influence on fiscal expenditure efficiency in the provinces with a medium level of urbanization,rapid development and high fiscal expenditure competition.This conclusion is helpful to reveal the influence mechanism between the productive expenditure bias of local fiscal expenditure and the local fiscal expenditure efficiency and provides empirical evidence for optimizing the allocation efficiency of government financial funds.