财政纵向失衡对城市绿色全要素生产率的影响OA北大核心CHSSCDCSSCICSTPCD

Based on the characteristics of vertical fiscal imbalance faced by local governments,this paper provides a new theoretical interpretation of how vertical fiscal imbalance affects urban green total factor productivity(TFP)from the perspective of land finance.Furthermore,it quantifies the application scope of the impact in the context of heterogeneous environmental regulations.Specifically,after explaining that green TFP has both environmental and technological connotations,this paper theoretically analyzes and clarifies how vertical fiscal imbalance affects urban green TFP by expanding land fiscal scale and aggravating environmental pollution under the fiscal decentralization system.Then,it uses the web crawler technology of Python software to collect nearly two million pieces of land transaction information,and manually sort out and match them to the city-level land transfer transaction scale,seeking to accurately measure the scale of land finance and reduce the measurement error.At the same time,the biennial Malmquist-Luenberger productivity index(BMLPI)is used to measure urban green TFP.Based on the urban panel data from 2007 to 2019,this paper empirically tests the impact of vertical fiscal imbalance on urban green TFP,and further analyzes the moderating effect of heterogeneous environmental regulation on the channels of action by using double/debiased machine learning(DML),propensity score matching(PSM)and panel Tobit models. The findings reveal that under the fiscal decentralization system,fiscal vertical imbalance expands the land fiscal scale and reduces urban green TFP.The mechanism analysis shows that land finance is an important channel for fiscal vertical imbalance to reduce urban green TFP.Further analysis shows that land finance,as a transmission channel,is affected by environmental regulation,and the applicability of the mechanism is stronger in low environmental regulation.This impact gradually increases with the reduction of the intensity of environmental regulation.Considering urban heterogeneity,it is found that compared with cities above the third tier,resource-based cities and coastal cities,the vertical fiscal imbalance has a stronger obstacle to green TFP in cities below the third tier,non-resource-based cities and inland cities. This paper proposes to optimize the fiscal expenditure structure of local governments and improve the efficiency of fiscal expenditure to meet the reasonable needs of residents for livelihood public goods and services.It is also necessary to improve the vertical transfer payment system between governments,especially clarifying the specific use,direction and scope of special transfer payments between the central government and local governments.This will reduce regional imbalance,alleviate the fiscal pressure on local governments,and decrease the excessive dependence of local governments on land finance.