分权竞争与投资消费比的非线性关系研究  

Research on the Nonlinear Relationship Between Decentralized Competition and Investment Consumption Ratio

作　　者：贺俊[1] 李哲琪 曹苏[1] HE Jun;LI Zhe-qi;CAO Su(School of Management,University of Science and Technology of China,Hefei 230026,China)

机构地区：[1]中国科学技术大学管理学院,安擻合肥230026

出　　处：《数学的实践与认识》2021年第19期152-168,共17页Mathematics in Practice and Theory

基　　金：国家自然科学基金(71573240)。

摘　　要：首先给出了投资消费比的现状和研究的理论背景,通过梳理分权竞争对投资消费比的影响机理,发现金融分权、财政分权均对投资消费比产生影响,并且金融分权与财政分权存在交互效应,因此基于"金融-财政"关联视角探究分权竞争对投资消费比的影响.将分权竞争嵌入内生增长模型,求解得出分权水平对投资消费比的影响逻辑,通过对显示函数的数值模拟发现,金融分权Ⅰ(中央-地方分权)、金融分权Ⅱ(政府-市场分权)、财政分权与投资消费比均呈倒U型关系.实证检验部分,将金融分权Ⅰ、金融分权Ⅱ、财政分权分别作为门槛变量,对2005-2019年间中国大陆除西藏外30个省市的省级面板数据进行实证检验,得出了以下结论:1)经检验,金融分权Ⅰ、金融分权Ⅱ、财政分权与投资消费比的关系表现为双门槛特征,实证检验结果与理论模型结果一致.2)"金融-财政"关联效应加重了投资消费比上升的情况,并且金融Ⅰ-财政交互效应强于金融Ⅱ-财政交互效应.3)我国大部分地区的金融分权Ⅰ、财政分权水平均处于中上水平,但我国约一半省市金融分权Ⅱ水平处于较低水平,而且这些省市大多分布于中西部.The article first gives the status quo of the investment consumption ratio and the theoretical background of the research.Through combing the influence mechanism of decentralization competition on the investment consumption ratio,it is found that both financial decentralization and fiscal decentralization have an impact on the investment consumption ratio,and financial decentralization Power and fiscal decentralization have interactive effects,so this article explores the impact of decentralized competition on the investmentconsumption ratio based on the perspective of the"finance-financial"correlation.This paper embeds decentralized competition into the endogenous growth model,and solves the logic of the impact of decentralization on the investment-consumption ratio with the goal of maximizing consumer utility.Numerical simulations of more complex display functions show that financial decentralizationⅠ(Central-Decentralization),financial decentralizationⅡ(government-market decentralization),fiscal decentralization,and investment-consumption ratios all have an inverted U-shaped relationship.In the empirical test part,this paper uses financial decentralizationⅠ,financial decentralizationⅡ,and fiscal decentralization as threshold variables,respectively,and conducts empirical testing on the provincial panel data of 30 provinces and cities in China's Mainland from 2000 to 2017 except Tibet.The following conclusions are as follows:(1)After testing,the relationship between financial decentralizationⅠ,financial decentralizationⅡ,fiscal decentralization and investment-consumption ratio shows the characteristics of dual thresholds,and the empirical test results are consistent with the theoretical model results.(2)The"finance-financial"linkage effect has aggravated the increase in the investment-consumption ratio,and the financialⅠ-finance interaction effect is stronger than the financialⅡ-finance interaction effect.(3)The level of financial decentralizationⅠand fiscal decentralization in most areas of my

关 键 词：金融分权 财政分权 投资消费比 门槛效应 

分 类 号：F832[经济管理—金融学] F812.2F124