Collected Essays on Finance and Economics ›› 2021, Vol. 37 ›› Issue (10): 25-34.

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Does Financial Policy Have Spatial Heterogeneity Impact on Development of Cultural Industry? Threshold Estimation from Spatial Dynamic Panel

YANG Jie1,2, WANG Yaozhong1, HU Zunguo1   

  1. 1. School of Economics and Management, Changsha University of Science and Technology, Changsha 410076, China
    2. The Business School, Changsha Social Work College, Changsha 410004, China
  • Received:2020-12-20 Online:2021-10-10 Published:2021-09-30
  • Contact: HU Zunguo

财政金融政策对文化产业发展有空间异质性影响吗?——来自空间动态面板门槛的估计

杨洁1,2, 王耀中1, 胡尊国1   

  1. 1.长沙理工大学经济与管理学院,湖南 长沙 410076
    2.长沙民政职业技术学院商学院,湖南 长沙 410004
  • 通讯作者: 胡尊国
  • 作者简介:杨洁(1982—),女,湖南长沙人,长沙民政职业技术学院商学院讲师,长沙理工大学经济与管理学院博士生;
    王耀中(1953—),男,湖南益阳人,长沙理工大学经济与管理学院教授,博士生导师。
  • 基金资助:
    湖南省研究生科研创新项目(CX2016B392);湖南省教育厅科学研究项目(18K052);长沙民政职业技术学院校级项目(21MYPY99)

Abstract:

Modern service industry has become one of the key development strategies of local governments. However, due to the different stages of industrial transformation and upgrading in different regions, the effect of fiscal and tax policies implemented by local governments is obviously different. This paper uses dynamic spatial econometric estimation and dynamic panel threshold estimation to empirically test the regional heterogeneity mechanism of cultural financial expenditure, cultural financial policy and cultural industry development. It is found that the fiscal and tax policies implemented by different regional cultures in China are obviously competitive, and the competition process also produces strategic interaction, that is, local governments will strategically select regions with similar development degree of cultural industry. Furthermore, the effect of fiscal and financial policies on the development of local cultural industry depends on the regional per capita output. If the regional per capita output is high, the positive impact of fiscal and financial policy is significant and constantly increasing. On the contrary, when the regional per capita output is at a low level, the effect of the policy is not significant. In addition, in addition to the local policies, the fiscal and financial policies in neighboring regions also promote the development of local cultural industries.

Key words: Financial Expenditure, Financial Development, Cultural Industry

摘要:

现代服务业已经成为各地方政府重点发展战略之一,但由于不同地区产业转型升级的阶段不同,地方政府实施的财税政策效果存在明显差异。本文分别采用动态空间计量估计和动态面板门槛估计方法,实证检验了文化财政支出、文化金融政策与文化产业发展区域异质性机制。研究发现,我国不同区域文化方面所实施的财税政策存在明显的竞争性,其竞争过程也产生策略互动,即地方政府会策略性选择文化产业发展程度接近的地区。进一步,财政金融政策对地方文化产业发展的效果取决于当地人均产出:若地区人均产出较高,财政金融政策的正向影响显著;相反地,若地区人均产出处于较低水平时,政策效果并不显著。除了本地区政策之外,邻近地区财政金融政策对本地文化产业发展也有推动作用。

关键词: 财政支出, 金融发展, 文化产业

CLC Number: