摘要
使用1998—2007年我国30个省级单位的面板数据,以地区的边际投资产出率作为衡量地区资本配置效率的指标,实证检验了金融发展、地方政府财政干预与区域资本配置效率之间的关系。实证结果表明,在控制了地方政府财政干预对资本配置效率的影响后,金融发展促进了资本配置效率的提高。同时,地方政府一方面通过财政支出直接干预经济,另一方面为弥补预算内财政支出的不足对金融机构进行干预,对资本配置效率产生了较大的负面影响。
Using panel data for 30 provinces and municipalities in China for 1998 -2007 and taking regional marginal investment productivity as the indicator of efficiency of regional capital allocation, this paper makes an empirical analysis of the relationship between financial development, fiscal intervention by local governments and efficiency of regional capital allocation. The results indicate that when the effect of fiscal intervention by local governments on efficiency of capital allocation is controlled, financial development is conducive to improvement in efficiency of capital allocation. Local governments significantly reduce efficiency of capital allocation through fiscal intervention. They also intervene in financial institutions to cover budget deficits , bringing about a massive negative effect on efficiency of capital allocation.
出处
《贵州财经学院学报》
北大核心
2010年第1期41-46,共6页
Journal of Guizhou College of Finance and Economics
基金
国家社会科学基金项目"国际国内新形势下财政政策取向研究:基于财政支出体系完善与区域协调增长的双目标选择"(编号:09XJY034)
关键词
地方政府
金融发展
财政干预
资本配置效率
local governments
financial development
fiscal intervention
efficiency of capital allocation
