摘要/Abstract

本文建立中央政府、地方政府和企业三个经济单位的理论模型，分析了地方政府的公共支出和公共融资行为。模型分析了财政分权对地方政府行为方式的影响，探讨了资本跨地区流动下的地方政府竞争行为，揭示了地方政府软预算约束下的财政风险。模型刻画了当前中国地方政府的公共支出和公共融资行为，较为合理地解释了地方政府的招商行为和债务融资冲动，从而为破解地方政府债务问题提供思路，并为税收制度的改革和政绩评价体系的完善提供参考。

This paper analyses the local governments’ public policies in a three-section economy. The economy consists of central government, local governments, and private enterprises. The influence of fiscal decentralization on the behavior pattern of local government is examined. Followed by the consideration of soft budget, the mobility of capital is introduced in the model. The model describes the behavior of China’s local government, consequently providing an explanation to the local government’s capital attraction and financing incentives. This paper intends to solve the local government’s debt problem, while providing a clue to reform tax regime and improve the evaluation system of government performance.