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

摘要： 本文主要探讨中央纵向转移支付对地区差异化投资的影响。利用2003—2017年的省级面板数据实证研究发现,分税制实施以后,转移支付作为财政收入再分配机制发挥了一定的财力协调作用,有效缩小了地方政府的财力差距和央地财政纵向失衡水平,缓解了政府间财政利益分配的矛盾,增强了地区基础设施和公共服务的供给能力,从而促进地区差异化投资。同时,在转移支付异质性分析中发现,这种促进作用呈现出流向效应和结构效应。基于研究结论,本文认为在既定政府间财政关系格局下,需要科学、合理设置转移支付规则,从而发挥好转移支付协调政府间财政关系的功能,这样地方政府才会按照比较优势原则引领企业投资本地具有资源禀赋优势的产业。

关键词: 转移支付, 政府间财力协调, 地区差异化投资