This study investigates whether the tax-sharing system has deteriorated the fiscal capacity of subnational governments by analyzing how fiscal revenues are divided between provincial and sub-provincial data J？om Zhej...This study investigates whether the tax-sharing system has deteriorated the fiscal capacity of subnational governments by analyzing how fiscal revenues are divided between provincial and sub-provincial data J？om Zhejiang Province in China governments. Our study of county-level fiscal during 1994-2007 shows that intra-provincial revenue-sharing rules favor county governments in two ways： （i） they improve county governments ＇fiscal autonomy in terms of using their own revenues; and （ii） they enhance county governments ＇fiscal capacity through province-to-county general tran^Jers. In addition, we find that intra-provincial fiscal revenue-sharing rules and transJers reduce [iscal dist^aritv between counties.展开更多
Many public–private partnership(PPP)projects in China are facing increased fiscal expenditure responsibilities and weakened fiscal capacity,which may hinder investment in corporate innovation.Using data from Chinese ...Many public–private partnership(PPP)projects in China are facing increased fiscal expenditure responsibilities and weakened fiscal capacity,which may hinder investment in corporate innovation.Using data from Chinese prefecturelevel cities and listed firms from 2014 to 2020,we find that PPP fiscal expenditure responsibilities negatively affect firms’current and future innovation investment by reducing government subsidies and increasing corporate taxes.This negative effect is more pronounced when PPP fiscal expenditure responsibilities exceed a certain threshold.It is also stronger when local governments have higher levels of debt and lower central transfer payments.The effect is also stronger if the PPP project’s return mechanism increases the government’s future fiscal expenditure responsibilities,but weaker if the project’s operating model revitalizes government assets.The effect on private firms,small firms,high-debt firms,and firms facing strong financing constraints is more pronounced.From the perspective of fiscal capacity,this paper explains the underlying reasons why the effectiveness of government support policies for corporate innovation varies.Additionally,it examines the negative impacts of the financing-oriented PPP model on corporate innovation investment,providing empirical evidence to support options for optimal PPP strategies.展开更多
China finds itself in a dual transitional period forboth its economy and its society with the govern-ment playing key role. The government is obliged tomaintain and reinforce its capacity to mobilize and allo-cate soc...China finds itself in a dual transitional period forboth its economy and its society with the govern-ment playing key role. The government is obliged tomaintain and reinforce its capacity to mobilize and allo-cate social resources, to maintain a stable developmentof both the economy and society.the paper,concernedwith the source of funds, has divided national capacityinto national fiscal capacity and national financialcapacity.By calculation and analysis of the fiscal ca-pacity and financial capacity,we will explain the role ofthe finance industry as "secondary public finance."展开更多
基金The authors thank Ruimin Wang for generously making his data available. Funding for this research was provided by the National Natural Science Foundation of China （No. 71773019）, the Shanghai Pujiang Scholarship （No. PJ0001644） and the Grant for Key Programs Sponsored by the Ministry of Education of China （No. 13JJD790006）.
文摘This study investigates whether the tax-sharing system has deteriorated the fiscal capacity of subnational governments by analyzing how fiscal revenues are divided between provincial and sub-provincial data J？om Zhejiang Province in China governments. Our study of county-level fiscal during 1994-2007 shows that intra-provincial revenue-sharing rules favor county governments in two ways： （i） they improve county governments ＇fiscal autonomy in terms of using their own revenues; and （ii） they enhance county governments ＇fiscal capacity through province-to-county general tran^Jers. In addition, we find that intra-provincial fiscal revenue-sharing rules and transJers reduce [iscal dist^aritv between counties.
基金supported by the National Social Science Fund of China(Grant No.24BJY206)the Accounting Society of China(Grant No.2023KJA3-06)Fundamental Research Funds for the Central Universities,Zhongnan University of Economics and Law(Grant No.202511428)。
文摘Many public–private partnership(PPP)projects in China are facing increased fiscal expenditure responsibilities and weakened fiscal capacity,which may hinder investment in corporate innovation.Using data from Chinese prefecturelevel cities and listed firms from 2014 to 2020,we find that PPP fiscal expenditure responsibilities negatively affect firms’current and future innovation investment by reducing government subsidies and increasing corporate taxes.This negative effect is more pronounced when PPP fiscal expenditure responsibilities exceed a certain threshold.It is also stronger when local governments have higher levels of debt and lower central transfer payments.The effect is also stronger if the PPP project’s return mechanism increases the government’s future fiscal expenditure responsibilities,but weaker if the project’s operating model revitalizes government assets.The effect on private firms,small firms,high-debt firms,and firms facing strong financing constraints is more pronounced.From the perspective of fiscal capacity,this paper explains the underlying reasons why the effectiveness of government support policies for corporate innovation varies.Additionally,it examines the negative impacts of the financing-oriented PPP model on corporate innovation investment,providing empirical evidence to support options for optimal PPP strategies.
文摘China finds itself in a dual transitional period forboth its economy and its society with the govern-ment playing key role. The government is obliged tomaintain and reinforce its capacity to mobilize and allo-cate social resources, to maintain a stable developmentof both the economy and society.the paper,concernedwith the source of funds, has divided national capacityinto national fiscal capacity and national financialcapacity.By calculation and analysis of the fiscal ca-pacity and financial capacity,we will explain the role ofthe finance industry as "secondary public finance."
