转移支付的资源配置效应研究——基于区域间资本错配视角  

The Allocation Effect of Intergovernmental Transfer:The Perspective of Interregional Capital Misallocation

作　　者：邓晓兰[1] 金博涵[1] 李铮[1] DENG Xiao-lan;JIN Bo-han;LI Zheng

机构地区：[1]西安交通大学经济与金融学院

出　　处：《中央财经大学学报》2019年第8期3-19,共17页Journal of Central University of Finance & Economics

基　　金：教育部规划基金项目“中国式财政分权对我国区域间资源错配影响研究”(项目编号:18YJA790020)

摘　　要：我国历年均有大规模的转移支付资金在非市场的行政机制下无偿划拨转移,其资源配置效应不容忽视。笔者基于2003-2016年省、市两级面板数据,考察转移支付对区域间资本配置的影响。研究发现:转移支付在总体上能够优化区域间资本配置效率,从数量上看,一个标准差的转移支付增加可以降低资本错配程度0.54个标准差;但分样本回归表明,区域间资本错配的缓解主要体现在资本配置不足地区效率的提升,而在资本配置过度地区的资源扭曲状况并未得到改善。机制检验发现,一般性转移支付和专项转移支付均促进了固定资产投资,而基本公共服务供给和税式支出渠道的存在性不显著,从而解释了转移支付只能改善资本配置不足地区的资源扭曲程度。加强对专项转移支付的绩效管理能够约束地方政府的生产性支出倾向,但这一约束反而给资本配置不足地区带来了不利影响。A large amount of intergovernmental transfer was delivered every year under the force of administrative power while its potential allocation effect is worth noting.Using municipal and provincial level panel data from 2003 to 2016,we first explore the impact of intergovernmental transfer on interregional capital misallocation.We find that,to a certain degree,transfer payment can mitigate interregional capital misallocation.Quantitatively,one standard deviation increases in intergovernmental transfer can lower misallocation by 0.54 deviation.Sub-sample regressions show that this effect mainly arises from the capital-lacking area while the effect of transfer payment on misallocation in capital-excessive area is insignificant.Furthermore,we find that the effect can be attributed to the investment channel,which is that transfer payment allows and motive subnational governments to invest.On the contrary,we find no evidence for the tax-form expenditure channel and public service channel.Lastly,enhancing the management of earmarked transfer can restrict subnational governments tendency to invest,but this can also exert negative effects for capital-lacking regions.

关 键 词：转移支付 资源错配 区域间资本错配 

分 类 号：F812.2[经济管理—财政学]