关键词: 转移支付, 政府间财力协调, 地区差异化投资

Abstract: This paper mainly discusses the influence of the central vertical transfer payment on the regional differentiated investment. Empirical research using provincial panel data from 2003 to 2017 shows that after the implementation of the tax-sharing system, transfer payments have played a role in financial coordination as a fiscal revenue redistribution mechanism, effectively narrowing the financial gap of local governments and reducing the vertical fiscal imbalance between the central government and local governments, relieving the contradiction in the distribution of intergovernmental financial benefits, strengthening the supply capacity of regional infrastructure and public services, thus promoting the regional differentiated investment. Moreover, in the heterogeneous grouping of transfer payments, it is found that the promoting effect includes the flow effect and the structure effect. Based on the research conclusion, this paper argues that in the established international financial relationship pattern, it is necessary to set up transfer payment rules scientifically and reasonably to give full play to the function of transfer payments in coordinating the intergovernmental financial relations, so that the local governments will guide enterprises to invest in local industries with advantages in resource endowment according to the principle of comparative advantage.

Key words: Transfer Payment, Intergovernmental Financial Coordination, Regional Differentiated Investment