Abstract: This paper conducts research on common prosperity from the perspective of fiscal revenue target constraints. It constructs an analytical framework and sorts out the theoretical mechanism of local fiscal revenue target constraints on common prosperity. On the basis of using the data of county government work reports to define the constraints of fiscal revenue targets and assess the level of common prosperity of the sample districts and counties, the relationship between fiscal revenue target constraints and common prosperity is empirically tested. The empirical results show that the constraints of local fiscal revenue targets are significantly unfavorable to the realization of common prosperity, and the conclusion remains valid even after considering the endogeneity problem. The heterogeneity analysis shows that greater fiscal autonomy and weaker target constraint strength can attenuate this negative impact. It also shows that the constraints of fiscal revenue targets have a greater negative effect on common prosperity before the adjustment of the expected target policies of county-level regions and the central government. Further research finds that there is a threshold effect on the impact of local fiscal revenue target constraints on common prosperity. In view of the above empirical research conclusions, this paper suggests that the setting of fiscal revenue targets should follow the principles of constraints, coordination and suitability, and give full play to the positive effect of the constraints of appropriate fiscal revenue targets on common prosperity, so as to achieve mutual benefit and win-win results in fiscal revenue growth and promoting substantial progress in common prosperity.

Key words: Local Fiscal Revenue Target, Increase in Layers, Target Constraints, Common Prosperity

摘要： 本文从财政收入目标约束视角展开共同富裕研究,梳理了地方财政收入目标约束影响共同富裕的理论机制。在运用县级政府的工作报告数据对财政收入目标约束进行界定以及对样本区县的共同富裕水平进行测度的基础上,实证检验了财政收入目标约束与共同富裕之间的关系。实证结果显示,地方财政收入目标约束显著不利于共同富裕的实现,且在考虑内生性问题后,该结论依然成立。异质性分析发现,较大的财政自主权和较弱的目标约束强度能够减弱这种负向影响,且财政收入目标约束在非市辖区的县级地区和中央预期目标政策调整前对共同富裕的负向作用较大。进一步研究发现,地方财政收入目标约束对共同富裕的影响存在门槛效应。鉴于以上实证研究结论,本文建议财政收入目标的设定要遵循约束性、协调性和适宜性的原则,发挥适宜性财政收入目标约束对共同富裕的正向作用,协同推进财政收入增长和共同富裕的实现。

关键词: 地方财政收入目标, 层层加码, 目标约束, 共同富裕