Collected Essays on Finance and Economics ›› 2023, Vol. 39 ›› Issue (8): 26-35.

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Transfer Payments, Intergovernmental Financial Coordination and Regional Differentiated Investment

CAO Zhiwei1, WU Baijun2, LI Jingchao2, XIN Yang3   

  1. 1. School of Economics and Management, Xi'an Shiyou University, Xi'an 710065, China;
    2. Business School, East China University of Science and Technology, Shanghai 200237, China;
    3. China Securities Regulatory Commission Postdoctoral Research Workstation, Beijing 100033, China
  • Received:2021-11-16 Online:2023-08-10 Published:2023-08-16

转移支付、政府间财力协调与地区差异化投资

曹志伟1, 吴柏钧2, 李竞超2, 辛旸3   

  1. 1.西安石油大学经济管理学院,陕西 西安 710065;
    2.华东理工大学商学院,上海 200237;
    3.中国证监会博士后科研工作站,北京 100033
  • 通讯作者: 曹志伟(1990—),男,陕西榆林人,西安石油大学经济管理学院讲师,博士。
  • 作者简介:吴柏钧(1960—),男,浙江慈溪人,华东理工大学商学院教授,博士;李竞超(1987—),女,上海市人,华东理工大学商学院讲师,博士;辛旸(1991—),男,甘肃天水人,中国证监会博士后科研工作站博士后,博士。
  • 基金资助:
    国家社会科学基金项目(21AZD036);陕西高校青年创新团队建设项目(2022068)

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

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