财政透明度的提升缩小了政府性债务规模吗?——来自中国29个省份的证据  

Does the Rise of Fiscal Transparency Reduce Size of Governmental Debt? Evidence from 29 Provinces of China

作　　者：肖鹏[1] 刘炳辰[1] 王刚[2] 

机构地区：[1]中央财经大学财政学院 [2]福州大学经济与管理学院

出　　处：《中央财经大学学报》2015年第8期18-26,共9页Journal of Central University of Finance & Economics

基　　金：国家社科基金重点项目"建立现代预算制度研究"(项目编号:14AZD022);国家社科基金一般项目"中国财政透明度提升的驱动因素与‘度’的衡量研究"(项目编号:13CJY113);国家社科基金项目"我国财政科技支出绩效评价体系设计及应用研究"(项目编号:12CJY096);中央财经大学重大科研课题培育项目"国家治理能力提升下的政府施政行为规范研究"

摘　　要：2008年国际金融危机爆发后,中国的地方政府性债务规模迅速膨胀,已深切影响到经济良性发展和金融体系安全。近年来,财政透明度成为认识政府性债务规模的又一新视角。笔者从理论与实证两个角度探讨了财政透明度对政府性债务规模的影响及其内在逻辑。理论研究表明,基于中国"晋升锦标赛"模式下的官员激励特色和向最优金融结构趋近的银行业发展现实,在财政透明度缺失的情况下,地方政府存在运用债务资金进行过度投资的冲动,因此通过财政透明度的提升能够缩小政府性债务规模。实证研究表明,财政透明度与政府性债务规模之间的负相关关系是显著的,提高财政透明度,有助于规范约束地方政府的举债行为,防范和化解财政风险。After the international financial crisis in rapidly expanded, which has deeply affected the healthy system. In recent years, fiscal transparency has become 2008, the size of China＇s local govemment debt has development of economic and the safety of financial an new perspective of analyzing governmental debt. This paper discusses the impact which fiscal transparency has on governmental debt and the internal logic of this from theoretical and empirical perspectives. Theoretical study shows that because of the lack of fiscal transparency, local governments has incentive to use debt on overinvestment, especially based on the characteristic of officials incentive under Chinese promotion tournament model and the reality of that banking industry has been approaching to optimal financial structure. Therefore, improving fiscal transparency can reduce the size of governmental debt. Empirical study debt and fiscal transparency, and shows a significant negative correlation between the size of governmental improving fiscal transparency can help local government regulate the behavior of debt financing and prevent the fiscal risk.

关 键 词：财政透明度 政府性债务规模 过度投资 

分 类 号：F812.7[经济管理—财政学]