市场化改革能够优化地方财力结构吗?——基于矿业权改革的准自然实验  

Can Market‑Oriented Reforms Optimize the Structure of Local Financial Resources?A Quasi‑Natural Experiment Based on the Reform of Mining Rights

作　　者：孙琳[1,2] 钟睿 SUN Lin;ZHONG Rui(School of Economics,Fudan University,Shanghai 200433,China;Shanghai Institute of International Finance and Economics,Shanghai 200433,China)

机构地区：[1]复旦大学经济学院,上海200433 [2]上海国际金融与经济研究院,上海200433

出　　处：《财经问题研究》2024年第10期55-66,共12页Research On Financial and Economic Issues

基　　金：复旦大学—金光集团思想库研究课题“地方政府债务化解新思维:基于资产负债平衡的逻辑”(JGSXK2404);上海高校智库内涵建设计划项目“完善与中国式现代化相适应的央地财政关系研究”(2024);上海市哲学社会科学规划课题“地方政府偿债压力和自主财力建设研究”(2024)。

摘　　要：科学合理地获取资源性收益对优化地方财力结构、提升资源配置效率具有重要意义。本文结合我国自然资源要素市场化改革,以矿业权改革为准自然实验,基于2015—2021年282个地级市的面板数据,使用双重差分模型实证分析了市场化改革对地方财力结构的优化效应。研究发现:矿业权改革对矿业权出让收益占比具有显著的正向影响,即矿业权改革能够优化地方财力结构,经过DID估计有效性检验和一系列稳健性检验后,该影响依然存在。异质性分析结果表明,矿业权改革对地方财力结构的优化效应在低纵向财政失衡度、高财政压力、高城投债风险和土地财政不可持续性的地区更大。机制分析结果表明,矿业权改革通过增加矿业权交易面积、提高矿业权交易价款,进而优化了地方财力结构。本文为有序增加资源性收益、优化地方财力结构提供了决策依据。The stability of the local financial structure constitutes a vital prerequisite for sustaining fiscal resilience.Market⁃oriented reforms empower local governments to harness enhanced independent financial resources,leveraging market mechanisms.This lays the institutional bedrock and external prerequisites for local governments to procure resource benefits scientifically and rationally,thereby fostering positive implications for optimizing the local financial structure and augmenting resource allocation efficiency.Current research on government financial structure optimization preponderantly centers on the unsustainability arising from land finance dependency.Drawing upon panel data from 282 prefecture⁃level cities spanning 2015 to 2021,this study empirically delves into the optimization effects of market⁃oriented reforms on local government financial structure.The findings reveal that mining rights reforms notably elevate the financial transformation about mineral resource revenues,contributing positively to the improvement of local financial structures.This effect is particularly pronounced in regions with high resource dependence.The robustness of this conclusion is further validated through alternative explanatory variable measurements and the exclusion of potential confounding factors,such as the impact of de⁃capacity policies.This paper examines the influence of market⁃oriented reforms on the enthusiasm and conversion efficiency of mining rights transactions.The results indicate that these reforms integrate competitive transfer mechanisms into resource ownership transactions,fostering an increase in the number,area,and income realization efficiency of mineral resource transactions.Notably,the transaction area and frequency of prospecting rights and the average annual transaction price per unit area of mining rights have experienced notable growth.Acknowledging potential variations in local government behavior regarding financial structure optimization amidst differing fiscal pressures,this study co

关 键 词：矿业权改革 地方财力结构 市场机制 

分 类 号：F810.4[经济管理—财政学]