地方政府非税收入对资本配置的影响研究——基于286个地级市的面板数据分析

The Impact of Local Government Non-tax Revenue on Capital Allocation——Based on the Panel Data Analysis of 286 Prefecture-level Cities

本文基于2007—2019年我国286个地级市的面板数据,构建动态面板模型实证研究我国地方政府非税收入对资本配置的影响。研究显示,地方政府非税收入规模扩大加剧了资本错配,不同非税项目对于资本配置的影响存在差异。分地区回归结果表明,中部地区非税收入规模的扩大加剧了资本错配,西部地区非税收入规模的扩大在一定程度上抑制了资本错配。进一步研究发现,政府非税收入规模的扩大将加剧资本配置过度地区的资本错配,并改善资本配置不足地区的资本错配。本文研究启示在于:在推进国家治理体系与治理能力现代化背景下,政府应在明确非税收入功能定位后,有效利用非税收入以履行构建和维持市场秩序的职能,并在其职能边界内提升非税收入促进资本优化配置的效应,推动经济高质量发展。

Based on the panel data of 286 prefecture-level cities in China from 2007 to 2019,this paper constructs a dynamic panel model to empirically study the impact of local government non-tax revenue on capital allocation.The study shows that the expansion of local government non-tax revenue intensifies capital misallocation,and the impact of different non-tax items on capital allocation is different.The regional regression results show that the expansion of non-tax revenue in the central region intensifies capital misallocation,while the expansion of non-tax revenue in the western region inhibits capital misallocation to a certain extent.Further research finds that the expansion of government non-tax revenue will aggravate capital misallocation in areas with excessive capital allocation,and improve capital misallocation in areas with insufficient capital allocation.The enlightenment of this study is that in the context of promoting the modernization of national governance system and governance capacity,the government should effectively use non-tax revenue to perform the function of building and maintaining market order after clarifying the functional positioning of non-tax revenue,and enhance the effect of non-tax revenue on optimizing capital allocation within its functional boundary to promote high-quality economic development.