地方财政压力与投资多样性——基于所得税分享改革的研究  

Local Fiscal Pressure and Investment Diversity:A Study Based on Income Tax Sharing Reform

作　　者：陈思霞[1] 张领祎[1] 

机构地区：[1]中南财经政法大学财政税务学院,湖北武汉430000

出　　处：《南京审计大学学报》2018年第2期46-56,共11页Journal of Nanjing Audit University

基　　金：教育部人文社会科学基金青年项目(14YJC790015);国家自然科学基金青年项目(71503270)

摘　　要：利用企业所得税分享改革构建强度倍差模型,使用1997—2012年全国地级市数据,检验了地方财政压力对于投资多样性的影响及相关传导机制。结果表明,地方财政压力不利于投资多样性的提高;在财政压力下,地方容易形成偏向房地产行业的投资倾向。然而,不同地区地方财政压力对投资结构的影响存在异质性。经济发展水平较低的地区在财政压力下更容易降低投资多样性;而经济发展水平高的地区应对财政压力时,更倾向于通过多元化投资的方式做大税基、减轻财政压力。优化分税制结构、建立地方性税种能缓解地方财政压力,对于改变地方"房地产集中型"投资结构有一定的积极作用。With the data of prefecture-level cities from 1997 to 2012,the paper tests the impact of local fiscal pressure on investment diversity and the related transmission mechanism by constructing an intensified DID model based on the Income Tax Sharing Reform.The results show that local fiscal pressure has a significantly negative effect on investment diversity.With the constraint of fiscal budget,local governments are more likely to increase investment on the real estate industry.However,the effect of local fiscal pressure on investment structure demonstrates heterogeneity among different regions.Developing regions are more responsive to local fiscal pressure by investing more on the real estate industry.Whereas,the developed regions are inclined to diversify the investment and hence enlarge the tax base in order to relieve fiscal pressure.A further step to optimize the tax sharing system as well as initiate new local taxes are effective to relieve fiscal pressure,and in return,change the real estate industry-based investment structure.

关 键 词：地方财政压力 投资多样性 所得税分享改革 强度倍差模型 财税改革 税收分权 

分 类 号：F810[经济管理—财政学]