论文部分内容阅读
资本流动是提高资本配置效率、促进经济增长的前提和基础。文章从基础设施建设、地方保护和市场分割以及地方政府的“攫取之手”分析财政分权对区域资本流动的影响机理,并利用30个省(自治区、直辖市)1995—2011年的面板数据检验了财政分权和区域资本流动的关系。研究发现,财政分权抑制了区域资本流动,有必要通过完善财政分权体制来缓解其负面效应,以促进区域资本流动和中国经济健康发展。
Capital flow is the precondition and basis for raising the efficiency of capital allocation and promoting economic growth. The article analyzes the mechanism of fiscal decentralization on regional capital flows from infrastructure construction, local protection and market segmentation, and the “grab hand” of local governments and makes use of the panel of 30 provinces (autonomous regions and municipalities) from 1995 to 2011 The data test the relationship between fiscal decentralization and regional capital flows. The study finds that fiscal decentralization suppresses the flow of regional capital and it is necessary to mitigate its negative effects by improving the fiscal decentralization system in order to promote regional capital flow and the healthy development of China’s economy.