财政透明度标杆竞争、不确定性感知与企业投资

Fiscal Transparency Benchmarking Competition,Perceived Uncertainty,and Firm Investment

近年来我国财政透明度出现了增速放缓的趋势。本文从标杆竞争的视角指出了财政透明度增速放缓的内在动因,构建了适用中国“晋升锦标赛”模式的城市空间权重矩阵,基于非对称反应模型验证了财政透明度逐底竞争高于逐顶竞争是增速放缓的原因。进一步嵌套上市公司微观数据的回归分析显示,财政透明度逐底竞争行为显著抑制了企业投资。异质性分析发现,财政透明度逐底竞争行为对非国有企业、制造业企业、成长期企业投资的影响更为突出。基于Kim两阶段法的机制分析发现,财政透明度变动会反向影响企业的不确定性感知,进而影响企业投资。本文开拓了财政透明度的研究视角,揭示了地方政府间财政透明度存在标杆竞争,为进一步优化企业营商环境提供了有益参考。

In recent years,the growth rate of China's fiscal transparency has shown a trend of slowing down.This paper points out the intrinsic motivation for the slowdown in the growth rate of fiscal transparency from the perspective of benchmarking competition,constructs a spatial weighting matrix for cities that applies to China's"promotion tournament"model,and verifies,based on the asymmetric response model,that the bottom-by-bottom competition in fiscal transparency is higher than the top-by-top competition,which is the reason for the slowdown in the growth rate.Further regression analyses nested in microdata of listed firms show that fiscal transparency bottom-up competitive behavior significantly inhibits firm investment.Heterogeneity analysis finds that fiscal transparency bottom-up competitive behavior has a more prominent effect on investment by non-state enterprises,manufacturing enterprises,and growth stage enterprises.A mechanistic analysis based on Kim's two-stage approach finds that changes in fiscal transparency can inversely affect enterprises'perceptions of uncertainty,which in turn affects enterprises'investment.This paper opens up the research perspective of fiscal transparency,reveals the existence of benchmarking competition in fiscal transparency among local governments,and provides useful reference for further optimizing the business environment for enterprises.