财政透明何以影响资源配置效率：理论框架与经验证据

王盟迪　彭小兵

（重庆大学）

内容提要：财政透明成为厚植高质量发展新动能的关键抓手，对于推动有效市场和有为政府有机耦合，实现资源有效配置具有重要意义。本文基于“制度—行为—效率”研究逻辑，尝试构建了多维视角下财政透明与全要素生产率的理论分析框架，并以2013—2019年中国281个地级及以上城市数据为研究样本，通过空间杜宾模型和工具变量-两阶段最小二乘估计模型等估计方法，系统识别在中国情境下财政透明对全要素生产率影响的底层逻辑。研究发现，财政透明对技术效率的促进效应明显大于对技术进步的抑制效应，进而正向影响全要素生产率；财政透明和全要素生产率均存在正向空间依赖性；财政透明对全要素生产率产生负向空间溢出效应，即本地财政透明抑制了邻近地区的全要素生产率，但对技术进步表现出正向空间溢出效应。采用文本数据挖掘工具构建地方政府财政透明注意力指标作为财政透明的工具变量，剔除了反向因果的内生性，同时经过一系列稳健性检验，研究结论依旧成立。机制检验结果表明，资本配置、非国有融资规模、外资流入和财政支出效率是财政透明影响全要素生产率的有效路径。异质性分析结果表明，相较于资源型城市，财政透明对非资源型城市全要素生产率的积极作用更为突出。本文的研究为全面把握财政透明的资源配置效应，助力塑造适应新质生产力的生产关系提供了理论启示和实践参考。

关键词：财政透明；空间溢出效应；资本配置；财政支出效率；文本挖掘；全要素生产率

作者简介：王盟迪，重庆大学公共管理学院博士研究生，通信作者，重庆，400044；彭小兵，重庆大学公共管理学院教授、博士生导师。

基金项目：重庆市技术预见与制度创新专项项目“十五五重庆市科技创新政策体系研究”（2023TFII-DIX0107）

引用格式：王盟迪,彭小兵.财政透明何以影响资源配置效率:理论框架与经验证据[J].经济与管理研究,2025,46(4):3-24.

How Fiscal Transparency Affects Resource Allocation Efficiency: Theoretical Framework and Empirical Evidence

WANG Mengdi, PENG Xiaobing

(Chongqing University, Chongqing 400044)

Abstract: Facing the increasingly intricate international political and economic environment, fiscal transparency may serve as a bridge for information exchange between the government and the market, stabilizing business expectations, mitigating economic uncertainty, and thereby creating favorable conditions for improving resource allocation efficiency. Considering issues such as the accentuation of local debt risks and the distorted structure of fiscal expenditures may hinder high-quality economic development in China, fiscal transparency, as an effective measure to regulate the government’s fiscal behavior and an important part of the government’s information disclosure system, may become a key grip to alleviate such difficulties. Therefore, to foster and develop new quality productive forces and accurately identify critical leverage points for promoting high-quality development, it is urgent to clarify the linkage between fiscal transparency and total factor productivity (TFP).

Based on the institutional-behavior-efficiency research logic, this paper constructs a theoretical framework for fiscal transparency and TFP from a multidimensional perspective. It systematically identifies the underlying logic and internal mechanism of the impact of fiscal transparency on TFP using data from 281 prefectural-level and above cities in China from 2013 to 2019 and employs estimation methods such as the spatial Durbin model and the IV-2SLS model.

This paper draws the following conclusions. First, the promotion of fiscal transparency on technical efficiency is larger than its inhibition on technological progress, thus positively affecting TFP. This conclusion remains valid after a series of robust tests. Second, fiscal transparency exhibits a negative spatial spillover effect but shows a positive spatial spillover effect on technological progress. Third, capital allocation, the scale of non-state financing, the inflow of foreign capital, and the efficiency of fiscal expenditure are the four effective paths through which fiscal transparency affects TFP. Therefore, it is recommended that at this stage, the practical path for the fiscal information disclosure system should be explored in accordance with local conditions, and efforts should be made to address regional disparities and imbalances in fiscal transparency.

The possible marginal contributions are as follows. First, the causal effect between fiscal transparency and TFP is verified, which enriches the existing research on the resource allocation effect of fiscal transparency. Second, the spatial spillover effect of fiscal transparency on TFP is examined, expanding the theoretical research on the spatial spillover of fiscal transparency. Third, panel data from prefecture-level and above cities are used to reflect the economic efficiency of fiscal transparency at the meso level.

Keywords: fiscal transparency; spatial spillover effect; capital allocation; fiscal expenditure efficiency; text mining; TFP

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