Fiscal Classified Expenditure and Supply-side Structural Reform: In the Case of China's Western Regions
- 2016年 
【中文摘要】2015年11月,中央做出了供给侧结构性改革的战略决策。从供给侧结构性改革中的“补短板”出发,以西部地区财政支出效应为研究对象,根据西部84个地级市2004—2013年的数据,采用面板向量自回归模型对财政分类支出与经济增长的关系进行的实证研究发现,财政的发展类支出是经济增长的原因,民生类支出是经济增长的结果。基于广义矩估计和面板门限模型的进一步检验结果表明,作为发展类支出主要形式的基础设施投资,对西部地区的全要素生产率存在显著正向影响,且该影响因发展水平的不同存在差异。西部财政应顺应供给侧结构性改革的要求,提供与发展密切相关的社会先行成本;基于西部地区的不同类型基础设施对全要素生产率的作用不同的特点,做到精确投资;同时关注民生财政支出。 【Abstract】 In November 2015, the Central Committee of the Chinese Communist Party laid down the strategy of supply -side structural reforms. With the “identifying growth areas” part of the strategy as the point of departure for our analysis,this paper is focused on the expenditures of China's western regions. We employed data on 84 prefecture-level cities from 2004 to 2013 and used the method of the VAR Model to study the relationship between the fiscal classified expenditure and economic growth. Results showed that the fiscal expenditure was the cause of economic growth, and that public livelihood expenses were the result of economic growth. Further test results, using the GMM and panel threshold model, indicated that infrastructure investment, as the main form of development expenses, positively affected the TFP of the western regions to varying degrees. Public finance in the western regions should be aligned with the demand of supply-side structural reforms and be able to provide advanced societal investment. Furthermore, the various types of infrastructure investment in the western regions should have high levels of relevance, and in the meanwhile, closer attention should be paid to the fiscal expenditure for public livelihood.