财政分权背景下的区域金融发展及其增长绩效

——基于地方政府干预视角的实证研究

 沈坤荣    张璟

内容摘要：本文从地方政府干预视角分析了财政分权背景下区域金融发展对经济增长的影响。通过博弈模型的构建，本文将地方政府、企业和银行的行为纳入到一个统一的框架内进行考察，并运用1991-2005年的省际面板数据进行实证检验。研究结果显示，在财政分权背景下，地方政府干预（财政压力）阻碍了金融发展对经济增长促进作用的发挥。特别是在1994年“分税制”财政管理体制改革之后，在我国地方财政收入与支出的匹配程度较差，政府支出责任过大而收入权限有限的情况下，会通过增强对金融机构的干预力度来获取额外资金使用的权利，从而对金融发展和经济增长造成不利的影响。因此，只有将地方政府财政收入与支出相互协调和匹配才能更有利于金融发展市场化环境的构建和我国金融发展对整体和区域经济增长促进作用的发挥。

关键词：财政分权 区域金融发展 地方政府干预

JEL：

The Regional Financial Development and Its Growth Performance incase of Fiscal Decentralization: An Empirical Study Based on Local Government Intervention

 Shen Kunrong Zhang Jing

Abstract: In a perspective of local government intervention, the paper probes into its impact upon china’s financial development, regional and overall economics growth. By constructing behaviors of local government intervention, firms and banks into a game, the paper finds that local government intervention will have a negative impact upon economic growth. On the above theoretical basis, the paper conducts an empirical study on the problems using data ranging from 1991 to 2005 and finds that the local government will strengthen its intervention into financial institutions to get the right to use extra funds due to the bad match between the fiscal revenue and expenditure of local governments, which will exert an adverse impact upon finance development, regional economic growth and overall economic growth. Therefore, a more harmonious match and coordination between the fiscal revenue and expenditure of local government will be helpful for the construction of market-oriented environment of financial development and for the play of financial development upon regional and overall economics growth in China.

Key words: fiscal decentralization; financial development; local government intervention