摘要
人大预算监督数字化转型作为推进数字中国建设、完善现代化财政监管体系的关键制度创新,在强化人大预算监督能力提升政府治理效能的同时,能否重塑资本空间配置格局助力全国统一大市场建设?本文基于中国人大预算联网监督系统逐步推广的准自然实验设计,从资本空间配置视角揭示了人大预算监督数字化转型对企业异地投资的影响及其作用机制。研究发现:当投资目的地人大实施预算监督数字化转型后,上市企业在该地区设立子公司的数量呈现显著增长态势,表明地方人大预算监督数字化转型能够有效促进资本跨区域流动;机制检验发现,人大预算监督数字化转型通过提升地方财政支出效率、约束地方政府债务扩张和降低制度性交易成本等政府治理逻辑,发挥重塑资本空间配置效率的制度性创新力量;异质性分析发现,人大预算监督数字化转型对具备高数字化能力的企业表现出更强的虹吸效应,且在政府数字关注度较高、经济绩效考核“硬约束”的地区,其资本集聚效能尤为突出。
As a pivotal institutional innovation for advancing Digital China construction and modernizing fiscal oversight systems,the digital transformation of the Local People's Congresses'budgetary supervision aims to en-hance their supervisory capacity and improve government governance efficiency.This raises a critical question:Can it reshape the spatial allocation of capital to facilitate the development of a nationally integrated market?Leveraging the quasi-natural experiment of China's progressive rollout of the Budgetary Supervision Networking System for People's Congresses,this study examines the impact and mechanisms of the digital transformation on cross-regional enterprise investments from the perspective of capital spatial allocation.Key findings include:First,after the implementation of digital transformation in the budgetary supervision of a destination's People's Congress,listed enterprises exhibit a significant increase in establishing subsidiaries in that region,indicating that digital transformation effectively promotes cross-regional capital flows.Second,mechanism analysis reveals that the digital transformation reshapes capital allocation efficiency by enhancing local fiscal expenditure effi-ciency,constraining local government debt expansion,and reducing institutional transaction costs-demonstrat-ing its role as an institutional innovation grounded in governance logic.Third,heterogeneity analysis shows that the digital transformation exerts a stronger siphon effect on enterprises with high digital capacity,and its capital agglomeration effect is particularly pronounced in regions with higher governmental digital engagement and binding constraints on economic performance evaluation.
出处
《财政科学》
2025年第6期104-125,共22页
Fiscal Science
基金
中央高校基本科研项目“政府引导基金与产业链重塑:耐心资本视角”(项目编号:JGS2024074)
重庆市社会科学规划博士项目“数字金融、货币政策对系统性金融风险的影响研究”(项目编号:2021BS060)。
关键词
人大预算监督数字化转型
资本跨区域流动
企业异地投资
全国统一大市场
Digital Transformation of LPC's Budgetary Supervision
Cross-regional Capital Flows
Cross-re-gional Enterprise Investment
Nationally Integrated Market
