地方税收竞争、资本要素流动与金融发展——基于中国31省市的实证研究  

Local Tax Competition,Capital Factor Flow and Financial Development--Empirical Research Based on 31 Provinces and Cities in China

作　　者：赵双 郝晓薇[1] 熊慧林 ZHAO Shuang;HAO Xiao-wei;XIONG Hui-lin(School of Financial Tax College,Southwest University of Finance and Economics,Chengdu 611130,China)

机构地区：[1]西南财经大学财政税务学院,四川成都611130

出　　处：《兰州财经大学学报》2021年第6期73-86,共14页Journal of Lanzhou University of Finance and Economics

基　　金：国家社会科学基金项目“基于国内产品内分工度的‘营改增’税负效应研究”(16XJY018)。

摘　　要：基于中国省级地方政府的经验数据,运用固定效应模型实证分析税收竞争、要素流动对金融发展的影响,并通过联立方程组、Sobel与Bootstrap检验其内部存在的中介效应,最后利用动态面板回归和替换变量等方法进行内生性及稳健性检验。结果表明:税收竞争能够促进金融水平发展,但与金融发展呈现倒"U"型关系;资本要素作为税收竞争促进金融发展的中介变量,与税收竞争同向流动;税收竞争、资本要素对金融发展的影响作用存在异质性,即税收竞争对初始金融发展水平较高的辖区作用更强,资本要素对初始金融发展水平较低的辖区作用更强。研究结论对我国财税体制改革以及促进金融发展、经济增长具有重要的政策启示,对稳步实现国家治理能力和治理体系现代化具有重要的现实意义。Based on the empirical data of China’s provincial governments,this study employs fixed-effects models to analyze the impact of tax competition and factor flow on financial development and examines its internal intermediary effects by using simultaneous equations,Sobel and Bootstrap,and finally conducts an endogenous and robustness test with the methods of dynamic panel regression and substitution variables.The results show that tax competition can promote financial development,but show an inverted u-shaped relationship with financial development.Capital factors,as an intermediary variable between tax competition and financial development,flow in the same direction as tax competition.There is heterogeneity in the effects of tax competition and capital factors on financial development,that is,tax competition has a stronger effect on jurisdictions with higher initial financial development levels,while capital factors have a stronger effect on jurisdictions with lower initial financial development levels.The research conclusions have important policy implications for the reform of China’s fiscal and taxation system and the promotion of financial development and economic growth and important practical significance for the realization of national governance capacity and the modernization of the governance system.

关 键 词：税收竞争 资本要素流动 金融发展 中介效应 

分 类 号：F812.4[经济管理—财政学]