Since the founding of the People’s Republic of China,the Chinese scholars of finance theory have been sparing no effort on the theoretical research of intergovernmental fiscal relations in the past 70 years,with fisc...Since the founding of the People’s Republic of China,the Chinese scholars of finance theory have been sparing no effort on the theoretical research of intergovernmental fiscal relations in the past 70 years,with fiscal decentralization at the core.Although fiscal decentralization has a long history,the intergovernmental fiscal relations which use fiscal decentralization as the vehicle did not constitute an independent research topic in the early days of the People’s Republic of China.Later,fiscal decentralization was adopted and gradually flourished in China,once systematically explained as the target mode of intergovernmental fiscal relations,and even took the form of tax sharing system.In the new era of socialism with Chinses characteristics,the booming research on intergovernmental fiscal relations,adapted to the theoretical innovation of modern fiscal system,has contributed to coping with the changes of international and domestic economic situation in the new normal and to the sustainable fiscal development of China.展开更多
Grassroots-level government’s financial capability is crucial to the performance of financial functions of the whole country.How to adjust the intergovernmental vertical fiscal relations in order to improve grassroot...Grassroots-level government’s financial capability is crucial to the performance of financial functions of the whole country.How to adjust the intergovernmental vertical fiscal relations in order to improve grassroots-level government’s finance situation is important for accelerating the establishment of a modern fiscal system.In recent years,Province-Directly-Governing-County(PGC)fiscal reform has been an important attempt to straighten out vertical fiscal relations between governments,and thus has made it possible for studying the effects of vertical fiscal relations reform on grassroots-level government’s finance based on quasi-natural experimental analysis.Therefore,this article empirically analyzes the PGC fiscal reform based on nationwide county-level data applying Propensity Score Matching with Difference-in-Difference Method(PSM-DID),in order to investigate the effect of the reform on county governments’disposable revenue and identify the influence path.The results indicate that PGC fiscal reform has a significant effect on promoting fiscal disposable revenue of county governments.Furthermore,we find that the reform increased upper-government transfer payment more than county-level own revenue,which manifests the reform increase county governments’fiscal disposable revenue by means of restraining prefecture-level cities’from grabbing county-level transfer.展开更多
文摘Since the founding of the People’s Republic of China,the Chinese scholars of finance theory have been sparing no effort on the theoretical research of intergovernmental fiscal relations in the past 70 years,with fiscal decentralization at the core.Although fiscal decentralization has a long history,the intergovernmental fiscal relations which use fiscal decentralization as the vehicle did not constitute an independent research topic in the early days of the People’s Republic of China.Later,fiscal decentralization was adopted and gradually flourished in China,once systematically explained as the target mode of intergovernmental fiscal relations,and even took the form of tax sharing system.In the new era of socialism with Chinses characteristics,the booming research on intergovernmental fiscal relations,adapted to the theoretical innovation of modern fiscal system,has contributed to coping with the changes of international and domestic economic situation in the new normal and to the sustainable fiscal development of China.
文摘Grassroots-level government’s financial capability is crucial to the performance of financial functions of the whole country.How to adjust the intergovernmental vertical fiscal relations in order to improve grassroots-level government’s finance situation is important for accelerating the establishment of a modern fiscal system.In recent years,Province-Directly-Governing-County(PGC)fiscal reform has been an important attempt to straighten out vertical fiscal relations between governments,and thus has made it possible for studying the effects of vertical fiscal relations reform on grassroots-level government’s finance based on quasi-natural experimental analysis.Therefore,this article empirically analyzes the PGC fiscal reform based on nationwide county-level data applying Propensity Score Matching with Difference-in-Difference Method(PSM-DID),in order to investigate the effect of the reform on county governments’disposable revenue and identify the influence path.The results indicate that PGC fiscal reform has a significant effect on promoting fiscal disposable revenue of county governments.Furthermore,we find that the reform increased upper-government transfer payment more than county-level own revenue,which manifests the reform increase county governments’fiscal disposable revenue by means of restraining prefecture-level cities’from grabbing county-level transfer.
