Study On Fiscal Expenditure Efficiency Under Classified Quota Management

With the implementation of the local government debt limit management system,the local debt risk and the efficiency of fiscal expenditure should be classified into general debt risk and special debt risk,general public expenditure efficiency and government fund expenditure efficiency.Study the general debt risk and the general public expenditure efficiency,the special debt risk and the government funds expenditure efficiency,can further deepen and refine the local government debt risk and financial expenditure efficiency.More importantly,fiscal expenditure is the basic means for local governments to provide basic public services,perform resource allocation functions,and promote economic and social development.The efficiency of fiscal expenditure is an important factor affecting the full and effective realization of the above functions and objectives.Quantitative estimation is of great practical significance.This paper extends to do the study of fiscal expenditure efficiency from the main consideration of general public expenditure to the comprehensive consideration of general public expenditure and government fund expenditure.At the same time,NPP-VIIRS satellite night light is introduced into the output index,and the fiscal expenditure efficiency of 30 provinces in China from 2011 to 2016 is calculated by using DEA-Malmquist index.Based on the results of efficiency measurement,this paper makes a further empirical analysis of the factors affecting the efficiency of fiscal expenditure,especially focusing on the relationship between local debt risk and fiscal expenditure efficiency.The results show that the debt ratio has a positive effect on the efficiency of fiscal expenditure in a certain range,while the debt ratio will continue to grow in the future,inhibition will occur.On the other hand,considering that local debts are classified into general debts and special debts,and are included in the general public budget and the government fund budget respectively,this paper calculates the general public expenditure efficiency and the government fund expenditure efficiency respectively,and uses the classified debt data of 30 provinces from 2014 to the end of 2016 to analyze the former respectively.The relationship between general debt risk and the latter is related to the specific debt risk.The results show that the general debt rate and the special debt rate have different effects on the general public expenditure and the efficiency of government funds expenditure,which further confirms the necessity of classified management of local debt.Furthermore,based on the debt stock scale data of 30 provinces in China from 2014 to 2016,it is divided into general debt and special debt of local governments.Firstly,according to the economic significance,the selection of debt risk indicators and the construction of the index system are carried out.Then,principal component analysis and cluster analysis are used to analyze the general impact.The factors of debt and special debt risk are analyzed empirically.Finally,the results of different provinces are analyzed horizontally based on the empirical data of 2016,and the comprehensive scores of the classified debt risk from 2014 to 2016 are analyzed longitudinally.The results show that the ranking of principal components of general debt and special debt is related to the regional economic development,and also related to the financial and borrowing debt of different types of debt.Cluster analysis shows that the classification of general debt and special debt risk in the provinces is divided,and most of the provinces are set up.The annual rankings of general and special debt in most provinces did not fluctuate significantly,but the rankings of general and special debt were different.Based on the above research,this paper argues that local governments should establish a local government debt limit verification mechanism linked to expenditure performance.At the same time,local governments should further promote the reform of the financial system,rationally divide the financial rights and powers between the governments at higher and lower levels,basically match the financial and expenditure responsibilities of local governments,reduce the pressure of borrowing and borrowing debt,thus effectively controlling the scale of local debt;local governments at all levels should adapt to local conditions and dare to create new systems.At the same time,the efficiency of the use of debt funds and the performance of expenditure investment are different from each other.At the same time,improving the efficiency of the use of debt funds is also a positive measure to prevent debt risks.