Analysis Of The Impact Of Local Fiscal Pressure On The Efficiency Of Credit Resource Allocatio

Since the reform of the tax system,the fiscal decentralization of the central government and the local government has caused local governments to face the situation where fiscal expenditure growth is not matched with fiscal revenue growth.In order to alleviate the increasingly tense local fiscal pressure,local governments have to expand the channels for capital income Fiscal revenue and expenditure gap.The credit resources play an important role in the expansion of market entities as a rare re-distribution resource.At the same time,due to regional differences,the credit resources of local urban commercial banks are controlled by local governments.Therefore,under the force of fiscal pressure,the local governments have strong motivations and conditions to involve the allocation of credit resources.At the same time,the government’s direct and indirect intervention behaviors will also affect the efficiency of credit resource allocation.Based on this,this article has the impact of the relevant documents and theories of local fiscal pressure and credit resource allocation,analyzing the impact of government intervention behavior under local fiscal pressure on the efficiency of credit resource allocation,and finally targeting the local fiscal pressure on the allocation of credit resource allocation.Positive and negative influence proposes policy recommendations.This article combines the micro data of the 128 urban commercial banks across the country and the macro data of the area where the urban commercial bank headquarters is located,and analyzes the impact of local fiscal pressure on the efficiency of credit resource allocation by setting up specific empirical models.The empirical content mainly includes the following four parts:(1)Analysis of correlation,that is,analysis of the efficiency of local fiscal pressure and credit resource allocation;Analysis of the impact of credit resource allocation efficiency;(3)the analysis of heterogeneity,the pressure of different financial external supervision,the channels of different credit(channels of different credit,and different regions,the local fiscal pressure on the deployment of credit resource allocation.Through empirical analysis,the following conclusions are obtained in this article:(1)In terms of correlation analysis,the local fiscal pressure and the efficiency of credit resource allocation are non-linear relations and show the "U-shaped" curve;Investment bonds and fixed asset investment have some intermediary effects between fiscal pressure and credit resource allocation;(3)In terms of heterogeneity analysis,external financial supervision can limit the intervention of credit resource allocation to a certain extent to a certain extent.;Government’s guarantee loan behavior will reduce the efficiency of credit resource allocation;the impact of local fiscal pressure on the efficiency of credit resource allocation presents the characteristics of regional heterogeneity.In response to the empirical results,this article put forward relevant policy suggestions in improving the financial supervision system,objective view of local fiscal pressure,and combining the combination of "effective markets" and "good government".