摘要
规模巨大的地方政府债务威胁金融系统的稳定性和经济的长期发展。利用2009—2018年中国省级面板数据,选取考虑时间效应和个体效应的双向固定效应模型,对地方政府债务问题进行了实证研究。在财政分权和财政透明度联合视角下,探究了财政分权对地方政府债务的影响,同时考察了财政透明度对财政分权影响的调节效应。研究发现:财政收入分权程度增加有助于地方政府债务减少,财政支出分权程度增加导致地方政府债务扩张,而财政透明度与地方政府债务存在倒“U”形曲线关系;从财政透明度的调节效应看,财政透明度抑制了财政收入分权对地方政府债务的作用机制,而对财政支出分权作用机制的影响不显著;从扩展性分析看,东部地区财政分权对地方政府债务的影响远大于中部和西部地区,而西部地区财政透明度对地方政府债务的影响小于中部和东部地区。据此,政府应逐步完善财政分权机制,继续扩大财政信息披露,以实现政府对地方债务的有效控制和系统性风险的有序化解。
The huge scale of local government debt threatens the stability of the financial system and the longterm development of the economy.Based on the provincial panel data of China from 2009 to 2018,the twoway fixed effect model considering time and individual effect is selected for empirical research.From the joint perspective of fiscal decentralization and fiscal transparency,this paper explores the impact of fiscal decentralization on local government debt and the regulatory effect of fiscal transparency on fiscal decentralization.The research finds that the increase of fiscal revenue decentralization contributes to the reduction of local government debt,while the increase of fiscal expenditure decentralization leads to the expansion of local government debt.In particular,there is an inverted"U"curve relationship between fiscal transparency and local government debt.Under the perspective of the regulatory effect of fiscal transparency,fiscal transparency inhibits the mechanism of fiscal revenue decentralization on local government debt,but has no significant impact on the mechanism of fiscal expenditure decentralization.In the expansion analysis,the impact of fiscal decentralization in the eastern region on local government debt is far greater than that in the central and western regions,while the impact of fiscal transparency in the western region on local government debt is less than that in the central and eastern regions.Accordingly,government should gradually improve the fiscal decentralization mechanism and continue to expand the financial information disclosure to achieve effective control of local government debt and orderly resolution of systemic risks.
作者
沈琼
高峻松
SHEN Qiong;GAO Junsong(School of Business,Zhengzhou University,Zhengzhou 450000,China)
出处
《河南工业大学学报（社会科学版）》
2023年第1期39-47,共9页
Journal of Henan University of Technology:Social Science Edition
关键词
地方政府债务
财政分权
财政透明度
调节效应
local government debt
fiscal decentralization
fiscal transparency
regulatory effect
