财政竞争和预算软约束是中国式分权体制中包含的两大核心问题,对地方政府的财政行为具有深刻的影响。文章将二者纳入统一的分析框架,通过具体区分不同的财政竞争方式和预算软约束表现形式,从多个维度分析其对地方财政可持续性的影响,并考察他们的交互效应。研究发现,首先对于财政竞争,无论是税收竞争还是支出竞争都对财政的可持续性产生了显著的负向影响。对于不同表现形式的预算软约束,转移支付的影响具有不确定性,而土地财政和城投债都存在显著的抑制作用。其次,交互效应研究显示转移支付与财政竞争之间的互动机制有利于财政的可持续性,而土地财政和城投债与财政竞争的相互作用均不利于财政的可持续性。再次,地区异质性研究表明,与发达地区相比,财政竞争和转移支付对欠发达地区财政可持续性的积极作用较大,而城投债的消极作用更大,土地财政影响的地区差异性不明显。最后,转移支付与支出竞争之间的良性互动机制在欠发达地区表现得更明显。土地财政与支出竞争之间互动机制的负向影响并不存在地区异质性,而城投债与税收竞争之间的互动机制更不利于欠发达地区的财政可持续性。文章为差异化地设计地方财政融资方式,循序渐进地实行风险防控措施和进一步深化财税体制改革提供了参考和依据。
财政竞争、预算软约束与地方财政可持续性
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参考文献
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引用本文
杜彤伟, 张屹山, 李天宇. 财政竞争、预算软约束与地方财政可持续性[J]. 财经研究, 2020, 46(11): 93-107.
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