Research On The Effect Of Regional Coordinated Development Of Fiscal Transfer Payments

The fiscal transfer payment system, which aims to narrow the regional economic gap and promote the equalization of public finance,is an important part of China's fiscal decentralization system. As a necessary means of equitable distribution of resources, financial transfer payment in the process of the allocation of resources, can not only make full use of vertical elements (general transfer payments and special transfer payments and tax rebates) equal to financial resources, can also through transverse counterpart support to less developed areas to developed areas of resources across the region. With the increasing complexity of the financial transfer payment project and the enlargement of the regional economic gap,the active exploration and improvement of the fiscal transfer payment system has become an important strategy for the coordinated development of regional economy in our country.Based on the general process of regional economic development, this study focuses on the fiscal transfer payment effect on regional economic disparity. First, the financial transfer payment transfer mode is divided into vertical and horizontal,where vertical transfer payments mainly refers to the central government to local governments fiscal transfer payment, is a major mode, and horizontal transfer payments refers to each transfer of resources between local authorities, is a kind of auxiliary coordination of regional economy mode. On the basis of this study build on the theoretical framework, by exploring the theoretical basis of financial transfer payments and specific types examined various regional equalization effects of fiscal transfer payments; and incentives from the three aspects of the division of labor,public expenditure and decentralization, analysis financial transfer payments to coordinated regional development mechanism. Secondly, this study, from the perspective of the vertical transfer payment, based on mainland China in 1999-2014 panel data of 31 provincial administrative areas analysis found that during the period of investigation, China's per capita fiscal transfer payment on both the overall upward trend. Absolute gap and relative gap were used respectively to measure the regional economic disparities, and through the spatial econometric model empirical examines the fiscal transfer payment per capita impact on regional economic disparity effect,spatial error model (SEM), the spatial auto correlation (SAR) model and spatial Durbin model (SDM) estimation results show that the fiscal transfer payment is significantly enlarged the regional economic disparity, because the region fixed space doberman model has good fitting effect, from the point of the result, fiscal transfer payment in the region of the direct effect of regional economic gap significantly positive, but no significant spatial spillover effect and the total effect. Finally, from the horizontal transfer payment, with the variation coefficient to measure the government transfer payments equal horizontal financial effect, found that looked from the overall effect, the central government to the local fiscal transfer payment has played a certain horizontal financial equalization effect; Look from itemized effect,the strongest financial equalization effect of general transfer payments, next is special transfer payments,the tax rebates is the worst.Therefore, in the future work to continue to expand the financial transfer payment. Considering the breakdown of the transfer payment equal to the regional financial effect have obvious difference, should be kept separate. Horizontal transfer payment as the vertical transfer payment supporting emergency mechanism should continue to innovate and improve, and gradually establish a combination of fiscal transfer payment mode. The conclusions of this study provide a useful reference for the relevant government departments in formulating the policy of fiscal transfer payment policy, as well as the comprehensive, coordinated and sustainable development of regional economy.