项目体制、自有财力与央地财政投资政策协同效应

竹志奇　赵亮　焦建国

（天津财经大学）

 

内容提要：面对近年来错综复杂的发展环境，中国实施积极财政政策促进了经济回升向好，但政策效能仍有待进一步提升。本文研究项目体制背景下中央与地方政府投资政策之间的协同效应，并分析地方自有财力异质性对协同效应的影响机制。研究结果表明，协同效应是一把“双刃剑”，既能增强中央财政投资政策的逆周期调节作用，但也在一定程度上导致地方投资过度扩张等问题。此外，地方政府响应中央投资引导时承担的成本也会削弱协同效应。中央与地方的投资协同效应仍是财政投资政策的重要特征和优势，应该从转移支付、事权与支出责任划分和绩效改革等方面进一步完善财政投融资体制，促使其更好地发挥逆周期调节功能。　　

关键词：财政投资政策；逆周期调节；协同效应；自有财力；动态门限面板模型

作者简介：竹志奇，天津财经大学财税与公共管理学院讲师，天津，300211；赵亮，天津财经大学财税与公共管理学院博士研究生；焦建国，天津财经大学财税与公共管理学院教授、博士生导师。

引用格式：竹志奇,赵亮,焦建国.项目体制、自有财力与央地财政投资政策协同效应[J].经济与管理研究,2024,45(5):3-20.DOI:10.13502/j.cnki.issn1000-7636.2024.05.001.

　　

　　

Project System, Own Financial Resources, and Synergy Between Central and Local Fiscal Investment Policies

ZHU Zhiqi, ZHAO Liang, JIAO Jianguo

(Tianjin University of Finance and Economics, Tianjin 300211)

　　

　　Abstract: China's fiscal investment policy is implemented by both the central government and local governments, and the policy synergy between the two plays an important role in smoothing economic fluctuations. This paper starts with the investment interaction between the central and local governments and conducts theoretical analysis and empirical tests to verify the synergy. Then, it analyzes the impact of local governments' own financial resources heterogeneity on the synergy by using a dynamic threshold panel model.

The findings show that the institutional root of the synergy lies in China's current investment management system and fiscal decentralization management system. Specifically, the central government's investment can influence and guide the local government's investment behavior, and the local government responds to the central government's investment guidance. Furthermore, the synergy can enhance the counter-cyclical regulation of the central fiscal investment policy and lead to problems such as the excessive expansion of local investment to a certain extent. In addition, the local governments incur certain costs in response to the guidance of the central government's investment, leading to a reduction in cooperation when local governments possess more financial resources, thus weakening the intensity of the synergy by improving their own financial resources.

　　This paper believes that the synergy of investment between the central and local governments is still an important feature and advantage of China's fiscal investment policy. This mechanism enables local governments to participate in the counter-cyclical adjustment process in the economic downturn, amplifying the effect of positive fiscal policy and providing strong support for economic recovery. However, it should also be noted that the synergy also has some drawbacks and risks. Although its unique institutional foundation can enhance the government's ability to cope with economic risks in the short term, it also leads to long-term problems, such as overheated local investment, increasing hidden debts, moral hazards, and rent-seeking behaviors. These are not conducive to the steady and healthy development of China's economic structure.

To improve the efficiency of fiscal policy, the following measures are recommended at the institutional level. In the short term, it is crucial to increase balanced transfer payments to fiscally weak regions, enhance their own financial capacity, and reduce their reliance on the central investment guidance. In the medium and long term, it is essential to improve the economic growth assessment indicator system, clean up and standardize special transfer payments and other special funds, reform the investment management system, strengthen the review of the compliance of local government investment and financing, and facilitate effective and accountable investment to ensure the economic and social benefits of investment projects.

　　Keywords: fiscal investment policy; counter-cyclical regulation; synergy; own financial resource; dynamic threshold panel model

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