金融分权、财政分权对投资消费比的影响

doi:10.3969/j.issn.0253-2778.2018.05.010

中国科学技术大学学报 ›› 2018, Vol. 48 ›› Issue (5): 409-419.DOI: 10.3969/j.issn.0253-2778.2018.05.010

金融分权、财政分权对投资消费比的影响

贺俊，王雪蓉，曹苏

中国科学技术大学管理学院，安徽合肥 230026

收稿日期:2017-10-12 修回日期:2018-04-11 接受日期:2018-04-11 出版日期:2018-05-31 发布日期:2018-04-11
通讯作者: 贺俊
作者简介:贺俊（通讯作者），男，1965年生,博士/副教授.研究方向：宏观经济. E-mail：hejun@ustc.edu.cn
基金资助:
国家自然科学基金（71573240）资助.

The impact of financial and fiscal decentralization on investment and consumption ratio

HE Jun, WANG Xuerong, CAO Su

School of Management, University of Science and Technology of China, Hefei 230026, China

Received:2017-10-12 Revised:2018-04-11 Accepted:2018-04-11 Online:2018-05-31 Published:2018-04-11

摘要/Abstract

摘要： 通过对中国1998～2014年省级面板数据的分析和检验，以金融分权作为门槛变量对我国金融分权与投资消费比的非线性关系进行了考察.结果表明：①在不同的金融分权水平下，中国的金融分权对投资消费比的作用有差异，表现为双门槛效应的非线性特征.②这种非线性关系在各省份表现形式也不相同，在低金融分权省份，金融分权与投资消费比正相关；在中等金融分权省份，金融分权与投资消费比的关系具有不确定性；在高金融分权省份，金融分权与投资消费比负相关.③财政分权对金融分权与投资消费比的非线性关系有一定影响，金融分权与财政分权联合效应提高了投资消费比.④我国高金融分权省份数量最少，大部分省份仍处于中低金融分权阶段，为了降低投资消费比，应该大力推进中低金融分权省份的金融分权进程.

关键词: 金融分权, 财政分权, 投资消费比

Abstract: Based on the analysis and testing of provincial panel data in China from 1998 to 2014, financial decentralization was taken as the threshold variable to investigate the nonlinear relationship between China’s financial decentralization and ratio of investment to consumption. The results show that: ① At different levels of financial decentralization, China’s financial decentralization has different effects on the ratio of investment to consumption, which is characterized by the nonlinear characteristics of “double threshold effect”. ② The nonlinear relationship varies with different level of financial decentralization. In provinces with low levels of financial decentralization, financial decentralization is positively related to the ratio of investment to consumption; in the provinces with medium levels of financial decentralization, the relationship between financial decentralization and the ratio of investment to consumption is uncertain; in the provinces with high levels of financial decentralization, financial decentralization is negatively related to the ratio of investment to consumption. ③ Fiscal decentralization has some influence on the nonlinear relationship between financial decentralization and the ratio of investment to consumption. The combined effect of financial and fiscal decentralization has expanded the ratio of investment to consumption. ④ The number of provinces with high levels of financial decentralization in China is quite small, with most of the provinces being still in the stage of medium and low financial decentralization. In order to reduce the ratio of investment to consumption, the financial decentralization process should be promoted vigorously in provinces with low or medium levels of financial decentralization.

Key words: financial decentralization, fiscal decentralization, ratio of investment to consumption

中图分类号:

F812

贺俊，王雪蓉，曹苏. 金融分权、财政分权对投资消费比的影响[J]. 中国科学技术大学学报, 2018, 48(5): 409-419.

HE Jun, WANG Xuerong, CAO Su. The impact of financial and fiscal decentralization on investment and consumption ratio[J]. Journal of University of Science and Technology of China, 2018, 48(5): 409-419.

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金融分权、财政分权对投资消费比的影响

The impact of financial and fiscal decentralization on investment and consumption ratio

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