| Science and technology have increasingly become the main force driving economic and social development,and the ability to innovate has increasingly become the key to international economic competition and even comprehensive national strength competition.The local government plays an important role in influencing the local innovation level.For a long time,the existing performance evaluation system of the Chinese government has significantly changed the economic behavior of the local government.In order to achieve the fiscal revenue target set in the year,local governments tend to adjust the expenditure structure and intervene in local financial credit resources to complete the target.This article will provide micro-empirical evidence that local governments influence regional innovation from the perspective of fiscal revenue goals.Specifically,this article will collect sample data of 219 prefecture-level cities from 2005 to 2017,using the soft and hard constraints of the target and the level of overweight as explanatory variables,using the fixed panel effect method to empirically test local governments.In order to achieve the fiscal revenue goal and thus the impact on regional innovation,and further explore the intermediate mechanism.Considering the endogenous problems that may be caused by missing control variables and two-way causality,this article will refer to previous studies to use the instrumental variable method for endogenous testing.The empirical results show that when the local government sets fiscal revenue targets and adopts hardly constrained language,the regional innovation level will be limited,and when softly constrained language is adopted,the regional innovation level will be improved,and the higher the level of regional innovation time,the lower the level of regional innovation.From the point of view of the mechanism of action,when local governments set fiscal revenue targets with hard-bound terms and higher levels of overweight,in order to achieve this goal,local governments will tend to reduce technology expenditures and intervene in financial credit resources,and the latter will cause capital Factor market distortions,thereby inhibiting regional innovation.When the local government’s fiscal revenue target adopts a soft constraint feature,the local government’s pressure is relatively small,so there is no great incentive to reduce technological expenditure and distort capital factor market distortion,so the regional innovation capacity is higher. |
