【摘要】 始自1994年的分税制财政体制改革，在调动地方政府积极性方面取得了较为明显的成效，但在经济结构向更合理阶段演化、经济转向高质量发展的关键阶段，财政纵向失衡问题已日益成为制约中国资源配置效率与区域协调发展的重要因素。基于中国255个地级市的面板数据，本文实证分析了财政纵向失衡对资源错配的影响及其作用机制。研究表明，财政纵向失衡显著加剧了资源错配，但这一影响受市场规模、市场需求等因素的制约，呈现非线性特征。机制分析表明，第二产业的过度发展是财政纵向失衡加剧资源错配的重要原因，而第三产业的发展与产业结构的升级，能够有效缓解财政纵向失衡对资源错配的负面影响。异质性检验发现，在资源错配程度较高且市场活跃度较高的地区，财政纵向失衡的影响效应更为显著。鉴于此，本文围绕优化央地财政关系改革、促进地方政府转型、推动产业结构优化与升级、完善市场机制等方面提出了政策建议。更多还原

【Abstract】 Since the introduction of the tax-sharing reform in 1994,China’s fiscal system has effectively stimulated the enthusiasm of local governments. However,as the economy evolves toward a more rational structure and enters a stage of high-quality development,vertical fiscal imbalance has increasingly become a key factor constraining resource allocation efficiency and regional coordinated development. Using panel data from 255 prefecture-level cities,this paper empirically examines the impact of vertical fiscal imbalance on resource misallocation and its underlying mechanisms. The results show that vertical fiscal imbalance significantly aggravates resource misallocation,though its effect is subject to factors such as market size and demand,and displays nonlinear characteristics. Mechanism analysis indicates that the excessive development of the secondary industry is a key channel through which vertical fiscal imbalance worsens resource misallocation,while the development of the tertiary industry and industrial upgrading can mitigate its negative impact. Heterogeneity tests further reveal that the effect is more pronounced in regions with higher degrees of misallocation and more active markets. Based on these findings,the paper proposes policy recommendations aimed at optimizing central-local fiscal relations,promoting local government transformation,advancing industrial restructuring and upgrading,and improving market mechanisms.更多还原