In recent years,the growth rate of China's fiscal transparency has shown a trend of slowing down.This paper points out the intrinsic motivation for the slowdown in the growth rate of fiscal transparency from the perspective of benchmarking competition,constructs a spatial weighting matrix for cities that applies to China's"promotion tourna-ment"model,and verifies,based on the asymmetric response model,that the bottom-by-bottom competition in fiscal transparency is higher than the top-by-top competition,which is the reason for the slowdown in the growth rate.Further regression analyses nested in microdata of listed firms show that fiscal transparency bottom-up competitive behavior sig-nificantly inhibits firm investment.Heterogeneity analysis finds that fiscal transparency bottom-up competitive behavior has a more prominent effect on investment by non-state enterprises,manufacturing enterprises,and growth stage enter-prises.A mechanistic analysis based on Kim's two-stage approach finds that changes in fiscal transparency can inversely affect enterprises'perceptions of uncertainty,which in turn affects enterprises'investment.This paper opens up the re-search perspective of fiscal transparency,reveals the existence of benchmarking competition in fiscal transparency among local governments,and provides useful reference for further optimizing the business environment for enterprises.
NETL
NSTL
万方数据
