财政纵向失衡对资本错配的影响研究：基于我国266个地级市的面板数据

赵 娜1; 李光勤2; 李香菊3

财政纵向失衡对资本错配的影响研究：基于我国266个地级市的面板数据

引用本文：赵娜1 ，李光勤2 ，李香菊3.财政纵向失衡对资本错配的影响研究：基于我国266个地级市的面板数据[J].湖南大学学报社会科学版,2021,(5):86-95

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作者	单位
赵娜1 ，李光勤2 ，李香菊3	（1. 西安外国语大学经济金融学院，陕西西安 710128 2. 安徽财经大学国际经济贸易学院，安徽蚌埠 233030 3. 西安交通大学经济与金融学院，陕西西安 710061）

中文摘要:基于中国财政纵向失衡这一重要事实，利用中国城市层级数据和系统GMM法探讨了财政纵向失衡和资本错配的关系。结果表明：财政纵向失衡扭曲了资本配置，晋升竞争机制加剧了财政纵向失衡对资本错配的影响。异质性分析发现：与西部地区相比，东部地区对资本错配的扭曲程度相对较高；剔除35个大中城市数据后发现其他城市的财政纵向失衡依然扭曲了资本配置，35个大中城市的财政纵向失衡对资本配置反而具有改善作用。在此基础上，进一步验证了财政纵向失衡扭曲资本配置的可能机制：财政纵向失衡通过推动土地财政、扭曲财政支出结构及抑制金融发展加剧了资本错配。

中文关键词:财政纵向失衡资本错配晋升竞争机制影响机制异质性

The Impact of Fiscal Vertical Imbalance on Capital Mismatch: Based on the Panel Data of 266 Prefecture Level Cities in China

Abstract:Based on the important fact of China's fiscal vertical imbalance, this paper empirically analyzes the relationship between fiscal vertical imbalance and capital mismatch by using the data of prefecture-level cities in China. It is found that the financial vertical imbalance distorts the capital allocation, and the promotion competition mechanism intensifies the impact of financial vertical imbalance on capital mismatch. The heterogeneity analysis shows that compared with the western region, the eastern region has a relatively high degree of distortion of capital mismatch; after excluding 35 large and medium-sized cities, it is found that the financial vertical imbalance of other cities still distorts the capital allocation, while the financial vertical imbalance of 35 large and medium-sized cities can improve the capital allocation. This paper further verifies the possible mechanism of financial vertical imbalance distorting capital allocation: fiscal vertical imbalance aggravates capital mismatch by promoting land finance, distorting fiscal expenditure structure and restraining financial development.

keywords:fiscal vertical imbalance capital mismatch promotion competition mechanism influence mechanism heterogeneity

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