The Fiscal Reform Effect of Country Directly Administrated by Province on the Balance of Fiscal Revenue and Expenditure at the County Level:An Explanation for Local Financial Security
Financial security is the basis and guarantee of economic security.The fiscal reform of country directly administrated by province is an important barrier to build the county-level finan-cial security defense line and is an important way to explain the financial security of Chinese local governments.This paper takes Shanxi province is selected as a typical case,and the fiscal reform of country directly administrated by province as a quasi natural experiment to examine the policy effect of fiscal decentralization reform on county-level fiscal revenue and expenditure balance.Using pro-pensity score matching and differential method,we identify the causal disposition effect of reform on county-level fiscal revenue and expenditure ratio,and verify the internal mechanism of the causal disposition effect from three perspectives:social resource integration capacity mechanism,internal motivation mechanism and external pressure mechanism.The research shows that the fiscal reform of country directly administrated by province significantly increases the fiscal revenue and expendi-ture ratio of pilot counties by 6 percentage points,and the policy effect has a lag and continuity.This conclusion held true after changing the measurement method,changing the sample,and testing with placebo.From the perspective of the reform of the financial system,this paper provides an ex-planation for the understanding of local financial security,and provides a theoretical basis for the continuous promotion and deepening of the fiscal reform of country directly administrated by province.
Fiscal SecurityFiscal DecentralizationCounty Directly Managed by the Prov-inceFiscal Balance
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