Abstract: Improving the efficiency of local government debt spending is an inherent requirement for the implementation of comprehensive budget performance management as well as an important means to prevent risks and stabilize growth. Based on the panel data of 238 cities from 2012 to 2018, this paper empirically analyzes the direct, indirect, and moderating effects of fiscal transparency on the efficiency of local government debt expenditure. The results show that improving fiscal transparency can directly promote the efficiency of local government debt expenditure, and this effect is positively regulated by the intensity of audit supervision. Furthermore, improving fiscal transparency can also indirectly enhance the efficiency of debt expenditure by controlling the scale of debt and optimizing the structure of debt expenditure. Heterogeneity analysis shows that the positive effect is more prominent in regions with lower economic development levels, higher fiscal transparency, lower financial levels, higher education levels, and in non-eastern regions. At the same time, the promulgation of the new budget law in 2015 has also played a significant role in promoting the positive impact of fiscal transparency. After a series of robustness tests, the conclusion is still valid. This study provides empirical evidence and enlightenment for local governments to further enhance fiscal transparency so as to improve the efficiency of local government debt expenditure.

Key words: Fiscal Transparency, Local Government Debt, Efficiency of Debt Expenditure

摘要： 提升地方政府债务支出效率是落实全面预算绩效管理的内在要求,也是防风险、稳增长的重要途径。本文以2012—2018年全国238个城市面板数据为样本,实证分析了财政透明度对地方政府债务支出效率的影响。研究发现:一方面,提升财政透明度能直接改善地方政府债务支出效率,同时该作用受到审计监督力度的正向调节;另一方面,提升财政透明度还能通过控制债务规模、优化债务支出结构,间接改善债务支出效率。异质性分析发现,在经济发展水平较低、财政透明度较高、财力水平较低、受教育程度较高以及非东部地区,财政透明度对地方政府债务支出效率的影响更为凸显。同时,2015年新《预算法》实施对财政透明度的积极影响亦有显著推动作用。本研究为地方政府进一步提升财政透明度以改善地方政府债务支出效率提供经验证据和启示。

关键词: 财政透明度, 地方政府债务, 债务支出效率