纵向失衡下的地方财政压力与企业能源消耗强度——基于所得税分享改革的准自然实验分析  

Local Fiscal Pressure and Firm's Energy Intensity with Vertical Fiscal Imbalance:Evidence from Income Tax Sharing Reform

作　　者：宋易珈 李锡涛 刘若曦 Song Yijia;Li Xitao;Liu Ruoxi(Institute of Chinese Finance Studies,Southwestern University of Finance and Economics;School of International Business,Southwestern University of Finance and Economics;School of Economics,Zhejiang University)

机构地区：[1]西南财经大学中国金融研究院,611130 [2]西南财经大学国际商学院,611130 [3]浙江大学经济学院,310030

出　　处：《经济评论》2024年第1期116-135,共20页Economic Review

基　　金：国家自然科学基金青年项目“数字企业赋能中国制造业企业出口产品策略优化与质量升级的机制与路径:理论基础、实证检验与政策设计”(批准号:72303185);中央高校基本科研业务费专项资金资助(批准号:JBK2307042)的资助。

摘　　要：本文以中国在2002年实施的所得税分享改革为背景,将纵向财政失衡纳入中央政府-地方政府-企业互动的理论模型,分析纵向财政失衡引致的地方政府行为对企业能源消耗强度的影响,并利用1998—2012年中国工业企业污染排放数据库采用强度DID的识别策略进行实证分析。研究结论表明纵向财政失衡显著提升了中国企业能源消耗强度,在一系列稳健性与有效性分析后结论依然稳健。进一步讨论发现,长期纵向财政失衡将通过能源要素市场和劳动力成本影响企业的要素投入决策,最终影响企业能源消耗强度。本文为形成以财政制度为核心的能源环境治理政策体系提供理论支持和政策建议,政府应认识到能源要素市场扭曲背后的制度原因,从财政制度设计角度解决公共治理问题,发挥财政工具的激励、协调作用。This study examines the impact of vertical fiscal imbalance on a firm's energy intensity by constructing a theoretical model that considers the interactions between central and local governments and firms.Specifically,we investigate how the behavior of local governments,which is influenced by vertical fiscal imbalance,affects a firm's energy intensity in the context of income tax sharing reform.To provide empirical evidence,we use a difference-in-differences identification strategy and utilize data from the 1998-2012 China Industrial Enterprise Pollution Emission Database.Our results show that vertical fiscal imbalance has a significant positive impact on the energy intensity of Chinese firms,and this finding is robust to robustness and validity analyses.Furthermore,our study highlights that long-term fiscal imbalance affects the input decisions of firms through energy factor markets and labor costs,ultimately affecting the energy intensity of firms.Overall,our study provides both theoretical and empirical evidence to support the development of a more effective energy and environmental governance system focusing on fiscal institutions in China.The government should recognize the institutional causes behind the distortion of the energy factor market and,address public governance issues from the fiscal system design perspective,and leverage the incentive and coordination role of fiscal tools.

关 键 词：纵向财政失衡 财政压力 所得税分享改革 能源消耗强度 

分 类 号：F812.7[经济管理—财政学] F424