摘要
在财政分权与政治垂直管理的激励体制下,地方政府财政支出的逆周期性弱化。同时,地区间初始禀赋差异和风险异质性则使得地方政府财政政策的周期性特征存在明显的地区差异。本文借鉴Rajan与Zingales(1998)发展的固定效应估计模型,采用2004年我国29个省份29个行业的相关数据,考察了周期性财政政策对地区出口结构的影响。本文研究显示,财政政策逆周期性较强的地区,在外部融资依赖性高的行业出口相对更多,具有比较优势。同时,在控制了人力资本、物质资本和自然资源禀赋等传统比较优势影响因素,以及外部市场接近度、国内市场容量和基础设施等新经济地理的因素之后,本文的结论依然成立。
Under the incentive system of fiscal decentralization and political concentration,the local governments＇ counter - cyclical physical policy tendency was weaken.Meanwhile,because of regional heterogeneity in initial factor endowments and risks,local governments＇ fiscal expenditure and revenue behaves quite differently. Then by using Chinese data across 29 provinces and 29 industries in 2004,this paper empirically tests the effects of cyclical fiscal policies on regional export structure.The results show that in regions with counter -cyclical policies,industries with high financial dependence tend to export more.In addition,this result still holds after controlling for factor endowment factors,such as human capital,physical capital and natural resource and new economic geographical factors,such as foreign market access,domestic market potential and infrastructure.
出处
《金融研究》
CSSCI
北大核心
2010年第11期1-18,共18页
Journal of Financial Research
基金
国家社科基金项目"中美经济贸易依存度对中美双边关系的影响和制约研究"(项目号05BGJ006)
"当前国际贸易保护主义对我国企业出口行为的影响及对策研究"(项目号10CGJ021)资助
关键词
财政分权
周期性财政
出口结构
融资依赖
fiscal decentralization
cyclical fiscal behavior
export structure
financial dependence
