Fiscal Vertical Imbalances,Local Government Behavior and Green Total Factor Pro-ductivity
As a significant feature of the fiscal decentralization system in China,the vertical fiscal imbalance not only affects the government behavior,but also has a far-reaching impact on the quality of economic growth.Based on the panel data of 284 cities from 2004 to 2019,this paper uses the super-SBM model and GML index to calculate the green total factor productivity including energy consumption and unexpected output of cities,and uses two-way fixed effects model and spatial Durbin model to empirically test the impact of the vertical fiscal imbalance on the green total factor productivity.The results show that fiscal vertical imbalances reduce green total factor productivity overall;According to the mechanisms of action,the vertical fiscal imbalance will indirectly affect the growth of green total factor productivity by influencing local government intervention,government preference,and environmental regulation.Spatial analysis shows that fiscal vertical imbalances not only inhibit green total factor productivity in the region,but also negatively affect the green total factor productivity of neighboring cities through spatial spillover mechanisms.The above research conclusions provide relevant references for improving the modern financial system and promoting the development of High-quality development.
vertical fiscal imbalancegreen total factor productivitylocal government behavior
NETL
NSTL
万方数据
