Study On The Influencing Factors Of The Efficiency Of Local Government Fiscal Expenditure

With the Chinese economy entering the new normal development.The central government put forward the key to promote the structural reform of the supply side,focusing on the five tasks of "three go,one subsidy and one drop".The reform of the financial system,as the highlight of the economic restructuring,is a system guarantee for optimizing the allocation of resources,promoting stable development of the market and realizing the long-term stability and stability of the country.However,At the present stage,China's fiscal revenue growth continues to decline,and expenditure growth is rigid,leading to a growing gap in fiscal revenue and expenditure.We should promote the policy of reducing taxes and lowering taxes and appropriately expand the scale of expenditure.In the case of increasing income difficulties,it is particularly urgent to achieve a modest increase in people's livelihood expenditure and improve the efficiency of fiscal expenditure.As an important support for the rise of central China,Zhongyuan urban agglomeration covers 30 cities in 5 provinces,including Henan,Hebei,Shanxi,Anhui and Shandong,with a population of 158 million.The construction of Zhongyuan urban agglomeration helps to promote industrial transformation and promote the development of surrounding cities.However,the development of Zhongyuan urban agglomeration is also faced with many problems,such as uneven distribution of financial resources,disorder of fiscal expenditure,imperfect financial system and mechanism.The key of the supply side reform is to adjust the economic structure,realize the rise of the central region,build a good economic operation,the livelihood service,the infrastructure and the ecological environment.The key lies in the realization of the optimal allocation of the resource elements and the only way to improve the efficiency of the urban agglomeration.The second part of the article explains the theoretical basis of the efficiency of fiscal expenditure.The third part uses the super efficiency DEA to calculate the fiscal expenditure efficiency of the 30 cities in the Zhongyuan urban agglomeration for 2004-2014 years.Then,based on the Malmquist index dynamic analysis method,based on the panel Tobit model,the financial expenditure efficiency of the Zhongyuan urban agglomeration is empirically analyzed from three aspects of financial supply,financial demand and economic factors.The results show that the overall level of the financial expenditure efficiency of the Zhongyuan urban agglomeration is better,but the difference of the urban fiscal expenditure efficiency is obvious.The financial expenditure efficiency of Zhengzhou city as the core city is obviously higher than that of the other cities,and the decline of the technology level has hindered the improvement of the efficiency of the financial expenditure of the Zhongyuan urban agglomeration.In financial supply variables,the effect of financial self-sufficiency rate,government scale and per capital GDP on the efficiency of fiscal expenditure is negative,and the financial income coefficient in per capita budget is significantly positive;in the financial demand variable,the influence of population and education is significant,but the negative urbanization level makes the problem of urban disease prominent;in economic factors,The growth rate of GDP is negatively related to the efficiency of government fiscal expenditure,and the urban economic structure is not perfect.Therefore,the local government should adjust the existing financial expenditure structure and formulate clear fund investment standards in infrastructure,medical,education,health,social security and so on,and establish the corresponding assessment mechanism and the financial system for sustainable development.