38 p 9 f ΩdIOffl3y&7 Vol.38, No.9 2018 W 9 Φ Systems Engineering Theory & Practice Sept., 2018 doi: 10.12011/1000-6788(2018)09-2267-10?hρ(flr: F812 zν"46: A me 2vtxΛΠ~'rZG yemflvgmr#) 0--, &, oωr (z '`ρd ` ffl)`p,»π 230026) b U ~ΛfiflΦ* cksψjff. ts±: ~ΛfiflΦ*iZ}a"xXvgν, nqw,ma"ts±: ~ΛfiflΦ*}ΞY^iZ. nqbvqj5=rw(2, I"/ts±:n ~ΛfiflΦ*F7} HffiU. ψ2q4: ts±:n~λfiflφ*x U ffiu. ;μ, fy 2004 2014 6>ff3mE#N+,!]@tfib. ψ2q4: uy±:nfiflffikßz<? Sx U ffiu, nfifle.p= S fiflßzχo S%sx U ffiu; K ujsl}±: vp, t4/ψ2arfl}; uy±:[h$l4w}~9gx^. TMnQa"G1nψ2 t s±: ~ΛfiflΦ*ΞY^[h}_Ca"ld }8 ^. ±μp 5=rw; ts±:; ~ΛfiflΦ*; ±OEο The effect of fiscal decentralization on local public welfare: A nonlinear study with heterogeneous considerations effects LIU Liangliang, HE Jun, BI Gongbing (School of Management, University of Science and Technology of China, Hefei 230026, China) Abstract Local public welfare is mainly provided by the governments. Studies that examine the impact of fiscal decentralization on local public welfare show conflicting results. This paper thus focuses on the nonlinear effect of fiscal decentralization on local public welfare. The paper first analyzes the dynamic relationship between fiscal decentralization and local public welfare level through using the endogenous growth theory. Results show that fiscal decentralization and local public welfare display an inverse U- shaped relationship. Then, we explore this question empirically with a panel set over the 2004 2014 periods in China. Results show that: expenditure decentralization has an inverse U-shaped relationship with public transportation infrastructure service, but has no inverse U-shaped relationship with public health service and public basic education service; these results are robust by using different indicators for decentralization; expenditure decentralization effect has obvious regional heterogeneity. Hopefully, the perspective and conclusion of nonlinear effect of fiscal decentralization on local public welfare in this paper will be particularly illuminating for academic research. 1 XQ Keywords endogenous growth; fiscal decentralization; local public welfare; quantile regression ffik xψ$v, 5& οffl#5~χ&3uμßffi= g' [1]. OT5& οffl#5fflfl&3, ffi fflr5&' &;xcb)fh w ff CL. ffi>g ffip%ξ_#"6d_#n4e0, >gu 7 30: 2017-03-21 lc fl: )χχ (1988 ), O, p, ΦfiWGΠ, +/Gfρ, Gfψ#: }a`$(±, E-mail: dlliu@mail.ustc.edu.cn; a2b ffi: xt (1965 ), O, p, Φfi±NΠ, 5H=, +/, Gfψ#: Rρ»G, E-mail: hejun@ustc.edu.cn; ρk) (1966 ), O, p, Φfi qπ, H=, +/ρs!, +/, Gfψ#: ffs, E-mail: bigb@ustc.edu.cn. ffih.: h(x zc V (71573240, 71571174) Foundation item: National Natural Science Foundation of China (71573240, 71571174) h?w[ 6: )χχ, xt, ρk). 6'(}ffl ψqs2μyiχ v%ρ:v`::yxffi [J]. ffejp 4z '8, 2018, 38(9): 2267 2276. Y?W[ 6: Liu L L, He J, Bi G B. The effect of fiscal decentralization on local public welfare: A nonlinear study with heterogeneous considerations effects[j]. Systems Engineering Theory & Practice, 2018, 38(9): 2267 2276.
2268 ff e J P 4z ' 8 38 p»"ψ_cf<@, Ω 9*[T H9'K [7, Ξ'9* 'flffi> [7u 5&ffi> [7. 1994 V'H7<@apNψCLx5&<@, Sz$"Vlx5&ffi>7. HpCLx2, χb'h7<@ffi5 &' &;Bß"E xχπ, pue5&' &;)fyn"pwxk». 'H7<@Vff, 5&' ffi _#y ffiμμ>μψ"nfam, m5&' &;)fφq!]. qxffl3fe [2 5] #E5&' qkuy?~χpr/λ)/, a S2ffffi>K&3 H, ~χ &3SWH)R ~po~idyn.wr@x]qu;vxpr/λ, ` azpr1 FbxY?. ffi&(feχb, 5&' )fm @_Π: N, Fe#E5&' qku XG}uPψwßz~χP R/Λxμμ [5 9]., Fe#E5&' W7"~χPR/Λxμμ [10 13]. ffl, Fe#E5&' ffi PR/ΛYNM$ß9hffi [14,15]. p^ 9, qfe tzwn6r(, qjuzn1uegmffi)f. νy`ffl3y&(fibeωue5&' ffi~χpr1 xhffi. νyx]0λffiu: N, mqß FG4UeU5&' )fx$ß9x9. $ß9X9 ~x_#r52o5&' OΩffffiI %,?x5&' qkuy?~χpr1 ;, o5&' OΩHkN±x'S/~, 5&' OΩZN1 Y? S ±~χpr1., p"i(ffl3piffi&&_#>x4m9, νy-y mfl&bffcl Z7&(3I, que"$ß9x9x 2>u _#K>x_9fif. _9fifxPi)}@SWHq ~"R5&' &;)f, *YNCLx&;j-. νywffl2'x YΩffl: 2 Offiff yμz7emzp; 3 OU@NBffim5&' y~χpr 1 xqß FG4; 4 Offiffl3P3Z73I, *Z7" <93Iu _#K>x_99Fe; 5 O2νyxP3ufffx&;@]. 2 @Dk8 ^b ff Fes"u`_#EΩR55&' [16], m25&' 7pxT@u νk!2`k5 & οxffl#< &3ffiuPR/ΛxND, ` Y?1 Fb, -2& H x F B w @_ R q`φvff5»ξyξ-0x-bz [17]. 9, χ+als25&' x0j~i. a^, Fe5&' ffi ~χpr1 xhffiqtοgclxyz. 5&' HL`kfiB»7Y?~χPR1. N2, m:f_»7, 5&' Y ~χ&30c!, Y?"Aj}, 5»"1Φ-ffiJ, )w~χ&3s"ry8[o~pdx]qy;v; 2, mdf_»7, ~χ&3yo~pd2nbe" x ΩG+ [2,3,18,19]., 5&' az~χpr1 xfib»7*-n±ffi>gμψam, νω, o Ψz [20] m 1979 2001 Vfl&BffClZ7&(Fe, Pi# E' *<q )%BZΛG}xYN; 7kußg [10] m 1994 2004 Vfl&BffClZ7&(Fe, P i#e5&' r6~χ&3 C @, rpr/λ ;.χ± [12] m 1996 2009 Vfl&BffClZ7&( Fe, Pi#E5&' *<q )PψyG}xYN. 9, 5&' ffi~χpr1 it$οam, a S2>g+' Λ.ffl, p F c! x ffw!fl [21,22] )w~χ&3o GDP 3, r6~χ5&* UPUXy, 5&*U]"u_#@ν, χο"pψ G}zPR/Λ*U. Ψ, qyμfψ2 u5&' )fxß9x9 μux, Yq+=Bflw."5&' )fx$ ß9X9, νω, ΞΩfl [14] m 1993 2008 Vfl&BffClZ7&(Fe, Pi#E~329ff' Φ2 *U', sy~χpr/λndm$ß9 Ω; Yucz [15] m 2004 2012 Vfl&BffClZ7&(F e, Pi#E5&' ypψwß/λnd-0m$ß9 Ω. ^bχ+fes2 u5&' $ß9xw fl, mgφq-[: gn, S@sρ>ffi&(Fe, οffl3g4fe; g, S@Yw.5&' ffikχfl ( ffi9*u Pψ) xhffi, ο u χfl (Pψ G} C`) x&('π. p^, νy`ffl3u&(fi χb Ue5&' x$ß9)f, χb$ß9)f-yffiψ 2>x_993IΦffiΨ _#K> (C` Xν#Fbx? ) x_993i. 3 %*-J Davoodi u Zou [23] U@NB u5&' y_# Fxffl3G4. p-"nω9, ;G4+ν_#>c
9 f )χχ, : 6'(}ffl ψqs2μyiχ v%ρ:v`::yxffi 2269 ffifflfl&3, '%pρfl&3 F&3y~χ&3. 5&' Fbμ±Zp~χ9&3 (Fy~χ&3) 5& *Uο5&Z*Uxß/. νω, Ωiffffiρfl&3*U H, Fy~χ&3*U ff, L;5&' FbA ff. ;G4xU@LLΩfflQ-: Ω=max + 0 u (c)e ρt dt (1a) u (c) = c1 σ 1 (1b) 1 σ s.t. y = k α f β s γ l ω, (1c) g = τy, k =(1 τ) y c. νyu6"^g4xffl3λ., U@UNB u5&' y~χpr1 xffl3g4. 0G4+ν_# >cffi fl&3, '%p~χ&3y>k&3. 5&' Fbμ±Zp~χ&35&*Uο5&Z*Uxß /. Ωiffffi>K&3 H, ~χ&3*u ff, L;5&' FbA ff. 9, 0G4H)4mu>g. 0G4xU@LLΩfflQ-: Ω=max + 0 (1d) (1e) u (c)e ρt dt (1a ) u (c) = c1 σ 1 (1b ) 1 σ s.t. y = Ak α f β s γ, (1c ) g = τy, (1d ) k =(1 τ) y c (δ + n) k. (1e ) ßIχfiBG4, ^ :x<χ2νyafflfl&35pp fl&3, ΩχO (1c ) Q-. χo (1a ) #- ffi1 οfπ, g> ρ #-%0_ /. χo (1b ) #-)moc, g> c 2ΞsKΞ$&, σ #-+»d flωc, q σ>0. χo (1c ) #-ßBoC, g> A 2!?Z1/, k 2Ξs 9Uν, f 2Ξs>K&35 &*U, s 2Ξs~χ&35&*UVff α, β u γ 2n9ΩCq α + β + γ =1. χo (1d ) #-&3 N ±B, g> g 2Ξs5&Z*Uq g = f + s. χo (1e ) #- 9Uνx TμfiχO, g> τ 2 `H/, δ u n '%#-UνfigyΞ F/. Y QA, h#9$&flxq; Z2NB T^nΠ Z. νy±znb /x Hamiltonian oc: H = u(c)+λ [(1 τ) y c (δ + n) k]. (1) ffi+ (1) >, λ 2 Hamiltonian NV, c 2~7χfl, k 2PTχfl. p^nπxnk^;, w: H c = c σ λ =0, H k = λ [ (1 τ) Aαk α 1 f β s γ δ n ] = ρλ λ. Yw+ (1d ) y (2), ^Avwsy-b x_# F/p: ( g c = 1 ( ) β ( ) γ ) (1 τ) ατ 1 α 1 f α α s α A α ρ δ n. (3) σ g g p+ (1d ) (1e ) u (3), w c ( σ ) k = α 1 g c + 1 α α (δ + n)+ ρ α. (4) tq c =(c/k)k =(c/k)k 0 e gct (k 0 p *Uνcfl), }@A^+u+ (4) hff + u(c 0 t )e ρt dt, vw" _#> ffi1 Fb. pupr1 2 ffi1 xcl]k2', ~χpr1 ppr1 x]k2', } @+νpr1 ο ffi1 xßcp θ 1 (0 <θ 1 < 1), ~χpr1 οpr1 xßcp θ 2 (0 <θ 2 < 1), ^Avw~χPR1 Fbp: PS = θk1 σ 0 1 σ [ ( σ ) α 1 g c + 1 α α (δ + n)+ ρ ] 1 σ [ρ g c (1 σ)] 1 [ρ (1 σ)] 1. (5) α (2)
2270 ff e J P 4z ' 8 38 p ffi+ (5) >, 0<θ= θ 1 θ 2 < 1. u^, νyu_u@u5&' s/g amu~χpr1 Fb PS x5ßλ.. pu+ (5) Ip6fi, νya`kc/guxχß[fl5&' y~χpr1 Fbx Ω. 8ff Barro [24] u'eul*v [25] xfe, νya x8cω# 1 Q-. k 1 o:oaffff 9D A k 0 δ n ρ σ α β γ τ θ 0 0.58 1 0.02 0.02 0.02 0.3 0.5 0.25 0.25 0.1 0.32 g 1 M U5&' y~χpr1 Fbx Ω. pg 1,, 5&' y~χpr1 FbMq U 4 Ω. OT5&' ΩxY?, ~χ&3jqh x5&whω, )gqsοy?~χpr1 Fb; ^ j, ~χidffipr/λxn&;vffid)~χ&3fffprba/λ, az"pr1 Fbx ff., OT5&' u~χpr/λndx ), ~χpr/λxffi&)mffifflb, ~χ&3x5οz2qο, ~ χ&3ffiψqοxuπffft)/h?x~χ, ~χpr1 AffifflB. -22.8451-22.8479-22.8507-22.8535 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 ; 1 ld 1^sw Ξ}& 5&' ffi~χpr1 x$ß9hffi)fs T ΛOT5&' FbxχΠ, ~χpr1?zn χxko. a^, ^G4P3p~@uμx u5&' hffi~χpr1 x&(feyn"ffl3rl. J fflff, νy`$ß9xeωuμ, ffi5&' y~χpr1 x ΩZ7&('Π. 4 χtpψ 4.1,I4u νyffiffl3pi X, ρω}g&&, 'Π>g+5&' &;x_99. V~χPR1 (PS ) pa χfl, 5&' (FD) ffg _ψpwχfl, *effn+hffi~χpr1 xχflap~7χfl (X ) RbZ fffleχo, o[x%flg4p: PS i,t = α 0 + β 1 FD i,t + β 2 FD i,t FD i,t + g>, i #-fl), t #-V); α 0,β 1,β 2,γ k #-G4xfleΩC; ε it 2Λ ψ. 4.2 j(n`]9!$_ 5 γ k X i,t,k + ε i,t. (6) aχfl (PS): ~χpr1 HL2&38[PD ν;l YNxff /Λ [26], p&3hlynx νpr/λ (Pψ G} C`) UK"~χPR1 xcl]k2' p^πνyazx1!n="pψ G}yC`fflB2>, o[ffiψprpψwß/λ (HPS) PR XG}/Λ (EPS) uprc` Xν# /Λ (TPS). _E qfe [27 29], χfflψ νpr/λ1!'%m=lξjqxpψ uc =lf>% BßjqxGψCuP-AΩxV#-. Wχfl (FD): _E qfe [30 32], νya *U' 1! FD1 yflc~wx5&' Fb, *m9 ff' FD2 1!ap <93I1!, a S25&' ffi_#χflxhffiefp}2`k5&*u. k=1
9 f )χχ, : 6'(}ffl ψqs2μyiχ v%ρ:v`::yxffi 2271 J&# [33]. *Uy9ff' 1!=Nχß_E Wu u Heerink [32] x=nχß, '%movξs NQ~χ 5&*U (9ff) yovξs NQ (~χ + >K) 5&*U (9ff) -ß#-. ~7χflxρw (X ): _E Wu u Heerink [32] xfe, νy`ka _# F/ (GRP CGDP ) _# μμfb (PCGDP) yffiju#fb (OPEN) fflbχfl ~7w _#μμx±χbffi~χpr1 x hffi, g>_#μμfbmcfl6ξs GDP #-; ffiju#fbmcfl6zu 9XZ ο GDP xßc #-. b%, νy~7&3> y*qffi~χpr1 xhffi, Az"&3*UdG (GS) y_#@ν*u dg (ECE), g>&3*udgmcfl65&z*uο GDP xßc#-; _#@ν*udgmcfl6_# @ν*uο5&z*uxßc#- νy)m 2004 2014 V 31 flxbffclz7&(3i. &(QmClsffΠuΛ>gd%V6Ξ Λ> g5&v6ξvffg'cl P/xVΩCl. Z7Cl'Πl, QqxClsZ7ffiCΠ[ffl, fficπ[ ffl~xcl (L.) -YΨXwtb >$, q-<χχflxxψ, _#YZE. 4.3 5fρΩ Fl+ (6), νy; Ue5&' (*U' ) ffi~χpr1 (PRPψwß/Λ PR XG}/ Λ PRC` Xν#/Λ) x$ß9hffiffg_99. ~, m9ff' 1!3I&(Pi2- <. ^ ~, m'ucfleue5&' &;x _#K>x_99. 4.3.1 /AK R νy; `k Pesaran [34] YUx CD 3I (MBff 3I) [flχfl2-cffimbff. 3IPi#E, Cχfl >$ffg@'>$scffi IxMBff. NhBffClkuF3I, Ω ADF 3I IPS 3I z, sffimb-ff tπffl42q)x [35]. a^, νy7m hbffclkuf3i, fi CIPS 3I. ; 3I2 Pesaran [36] YUxNBffiMBff oq <9xkuF3Iχß. o[x3ipiω# 2 Q-. k 2 ß+F Lfiq=»Sffff ψffi CD 4J CIPS 4J?% OLA(?%?% OLA(?% L. HPS 41.750*** 24.260*** 1.937 2.526** L. EPS 17.650*** 8.840*** 2.046 2.274* L. TPS 54.030*** 43.590*** 1.856 2.793*** L. FD1 57.930*** 30.220*** 2.160 2.252* L. FD1*L. FD1 57.940*** 30.580*** 2.150 2.305* L. FD2 43.330*** 54.130*** 0.566 2.531** L. FD2*L. FD2 43.100*** 54.090*** 0.511 2.535** L. GRP CGDP 12.460*** 7.730*** 1.082 2.441** L. PCGDP 64.460*** 7.730*** 2.117 2.441** L. OP EN 19.300*** 38.090*** 1.035 2.469** L. GS 56.850*** 19.170*** 1.757 3.101*** L. ECE 41.870*** 23.020*** 1.517 2.590*** M: CD 4J,οq.dfflNCfi], CIPS 4J,οdffllvG; CIPS 4Jy(T0: 2.21 2.33 2.55, zhfifflgy J:Gcq 10% 5% 1%; $?Qj3< 2 Ly CD v CIPS 4JQj; * ** *** (&$.ffl 10% 5% 1% ygc J. `# 2 VvU, ffiuqqχflx >$, CIPS 3IsJ> +ν, #Eχ+>$ &-b ; ffiug @'>$, CIPS3Iskr +ν, a^ V±pCχflΨ2NKk#kO. p^,, VZN1ffiχfl Z7,#3I. 4.3.2 iffiφ R puνy)mx2bffcl, ; ;L(%fleχO7mx2Z±)fG4 (FE) Φ2O»)fG4 (RE). 3IPiΩ# 3 Q-. Hausman 3IPi#EG4 (1) ug4 (2) 7mZ±)fG4Z7X%, G 4 (3) 7mO»)fG4Z7X%. F 3IPi#EG4 (1) 5G4 (3) xfleχo2 Ix. G4 (1) 5
2272 ff e J P 4z ' 8 38 p G4 (3) '%#-VPRPψwß/Λ PR XG}/ΛffPRC` Xν#/Λpaχflx3IPi. G4 (4) 5G4 (6) '%#-yg4 (1) 5G4 (3) ffifxqß93ipi. p" (3IPix y9, νy)m Kao-ADF,#3I, 3IPi#Efle:@Fb/ffi 1%x I Fbffl-cffikuF, S@2b >$. p^,, 3]fleχO (G4 (1) 5G4 (3)) ffifxcb_#χfl scffijb,# Ω, qcffife ±xsy Ω. 3IPiΩ# 3 Q-. k 3 jfflψffff H5 (1) H5 (2) H5 (3) H5 (4) H5 (5) H5 (6) Xψffi FE FE RE GMM GMM GMM L. FD1 9.399 11.059 114.574*** 4.290 2.072 127.484*** (0.747) (0.957) (3.306) (0.283) ( 0.341) (2.768) L. FD1*L. FD1 0.844 1.298 12.867*** 0.245 0.194 14.356*** ( 0.562) ( 0.942) ( 3.113) ( 0.136) (0.268) ( 2.614) L. GRP CGDP 0.126** 0.057 0.339** 0.111* 0.036 0.326* (2.525) (1.250) (2.452) (1.753) (0.605) (1.753) L. PCGDP 0.048 0.307*** 0.130 0.046 0.282*** 0.054 (0.421) (2.929) ( 0.414) ( 0.340) (3.313) ( 0.132) L. OP EN 0.079*** 0.020 0.268*** 0.069*** 0.021 0.277*** ( 5.630) ( 1.561) ( 6.968) ( 4.065) ( 1.360) ( 5.531) L. GS 0.189* 0.154 0.686** 0.261** 0.130 0.740* (1.681) (1.492) (2.217) (1.972) (1.626) (1.845) L. ECE 0.141** 0.169*** 0.476*** 0.113 0.175*** 0.468** ( 2.309) ( 2.998) ( 2.823) ( 1.619) ( 2.682) ( 2.238) L. HPS( 1) 0.101* (1.895) L. EPS( 1) 0.085 (1.383) L. TPS( 1) 0.094** ( 2.327) Adjusted R 2 0.768 0.501 0.721 Hausman 4J 58.874*** 47.658*** 7.316 F 4J 24.896*** 8.259*** 19.654*** -$4J 17.259*** 17.113*** 17.169*** Sargan/p 0 0.442 0.222 0.913 AR(2)/p 0 0.579 0.791 0.743 a?0 341 341 341 279 279 279 M: * ** *** (&$.ffl 10% 5% 1% ygc J; ΩrRq t 0. FlX%Pi (G4 (3)), ffi~7w X±_#μμaLu&3> y*qal~, *U' xn_ψ y _ψωc'%p%u:, *qffii?x I9Fb I, IE*U' yprc` Xν#/ΛM Ixq U 4 Ω. χ#effin±flnq, PRC` Xν#/ΛFbOT*U' OΩ ff ff, o* U' OΩHk 85.798 %, PRC` Xν#/ΛFbOT*U' OΩ ff fflb. ffig4 (1) ug4 (2) xflepi>, ^b*u' xn_ψy _ψωc'%p%y:, mffid% - I, IE*U' y PRPψwß/ΛuPR XG}/Λs-M Ixq U 4 Ω. g a S2&= ffw!fl)w~χ &3p"aZν~w_# F, Hs"uμμqKu< fu axc` Xν#/Λ, 1 XG}yP ψμμ, ` ο7"5&' &;ffipψwßu XG}χBxq)μΨ. Z H-, 5&' yprc` Xν#/ΛMq U 4 Ω. >gn. QT&=ρ u_#' Π& =ρ )w~χ&3p"&= ff k xqv~χ_#x FMΩ. ffl9x~χ&3ffi`k5&*uμο Z7PRC` Xν#@ν, V< fu a, eßbll, ` pν~w_# F] ffq a, χ~t 2qKui PRC` Xν#μμxq ^;. χ32q U 4yß ffkfixr5, }@Φfi<L
9 f )χχ, : 6'(}ffl ψqs2μyiχ v%ρ:v`::yxffi 2273 Yt, OTPRC` Xν#/Λx ), PRC` Xν#ffi u, gffi&)mffi 5, QV, PRC` Xν#/ΛYNFbAffifflB. ^j, `w _#μμx±χbal VvU, _# F/ffiPR/ΛYNoq%"hffi, #EPR/ ΛμμZ[ 4f"_#μμx;L. ffiju#fbffipr/λynoq:"hffi, a S2ffiju#F bxy?ffijboω a)~χ&3h) LSgff?9 x_#ψk [37]. h&3> y*qal H, &3*UdGffiPR/ΛYNoq%"hffi, #E~χ&3ffiJBOΩ ffipr/λμμx*q. _#@ν *UffiPR/ΛYNoq:"hffi, #E~χ&3ffiJBOΩ ffipr/λμμx>. p"rqwχflqß9gffxx%]@, νydu"@' GMM xflepi. b%, PR/ΛYNy_ # Fχfl Scffifi"ai, ` MffigffX%]@. u^, ;, νya5&' χfl _#μμfb χflvff_# F/χflapfle>xQßχfl; ~, Fl Jia z [38] xfe, νyaqßχflx;~ K ap@'χoxioχfl. 3IPiΩ# 3 Q-. Sargan 3I#EJ>Ioχfl2q)x +ν. AR(2) 3 I#EJ> K-Wff x+ν. a^, @' GMM X%2q)x. X%Pi -, *U' yprc` Xν#/ΛM Ixq U 4 Ω, yprpψwß/λupr XG}/Λs-M Ixq U 4 Ω. χ yg4 (1) 5G4 (3) xflepiffn6,.w}@x e. 4.3.3 AνK R νy m9ff' 1! h*u' 1!, Ue RflePix <9. o[piω# 4 Q-. Hausman 3IPi#EG4 (7) 5G4 (9) 7mZ±)fG4Z7X%. F 3I#EC]fles2 Ix. G4 (7) ug4 (8) '%#-9ff' ffiprpψwß/λupr XG}/ΛflePi. G4 (9) ug4 (10) #-9ff' ffiprc` Xν#/ΛhffixflePi. G4 (7) 5G4 (9) xflepi#e5&' (9ff' ) yprc` Xν#/ΛM Ixq U 4 Ω, myprpψwß/λfbupr XG}/ΛFbs-cffi Ixq U 4 Ω. b%, /wlyx2 G4 (3) 2 uo»)fg4xflepi. p""2)fg4a U xx%]@, νy mo»)fg 4Z7"fl_X% (G4 (10)). Pi#E, 9ff' yprc` Xν#/ΛΦ M Ixq U 4 Ω. p ^ 9, RflePi2 <x. Xψffi L. FD2 L. FD2*L. FD2 L. GRP CGDP L. PCGDP L. OP EN L. GS k 4 H5 (7) FE 0.791 (1.292) 0.096 ( 1.106) 0.092* (1.651) 0.307*** (5.707) 0.068*** ( 4.197) 0.103*** (3.436) BοL»Sffff H5 (8) FE 0.605 (1.394) 0.067 ( 1.113) 0.045 ( 1.089) 0.153*** (8.214) 0.017 ( 1.333) 0.068*** (3.763) H5 (9) FE 16.884*** (12.240) 2.474*** ( 12.648) 0.033 (0.261) 1.038*** (8.553) 0.055 ( 1.501) 1.213*** (17.976) H5 (10) RE 12.676*** (10.602) 1.829*** ( 11.075) 0.028 (0.240) 0.392*** (6.356) 0.042 ( 1.195) 0.960*** (18.365) L. ECE 0.100 0.082* 0.333** 0.186 ( 1.556) ( 1.844) ( 2.291) ( 1.443) Adjusted R 2 0.739 0.518 0.790 0.709 Hausman 4J 55.829*** 68.312*** 49.920*** F 4J 21.494*** 8.773*** 28.200*** 49.793*** -$4J 11.748*** 11.869*** 10.998*** a?0 341 341 341 341 M: * ** *** (&$.ffl 10% 5% 1% ygc J; ΩrRq t 0.
2274 ff e J P 4z ' 8 38 p 4.3.4 z<9ffiφ R p"zn1ue5&' &;x _#K>x_9fif, νy mbff'ucfle*az" BIoh #9x'uΛ (0.1 0.25 0.5 0.75 0.9) Z7'ΠIE. 'ucflen1ffiu: N, SW,SPR/ΛFb '/xs2xψ, og2pr/λμμfb Scffi`] s]xt6;, SWH)R ~ Λ'/x Xψ, ` VwtH)~BxPi. 6u RflePix I9, νyazprc` Xν#/ΛFba paχfl 'Π5&' )fx~w_99. 'ucflepiω# 5 Q-. Xψffi L. FD1 L. FD1*L. FD1 L. GRP CGDP L. PCGDP L. OP EN L. GS H5 (11) tau = 0.1 172.232*** (3.951) 19.619*** ( 3.865) 0.409*** (2.832) 0.148 (0.993) 0.405*** ( 4.579) 0.405** (2.019) k 5 H5 (12) tau = 0.25 =:fflψffff 120.412**** (3.928) 13.697*** ( 3.799) 0.294* (1.699) 0.125 (0.802) 0.361*** ( 5.711) 0.582*** (3.310) H5 (13) tau = 0.5 133.250*** (4.228) 15.244*** ( 4.102) 0.110 (0.731) 0.110 (0.610) 0.235*** ( 4.124) 0.667*** (2.734) H5 (14) tau = 0.75 54.119 (1.516) 5.779 ( 1.371) 0.005 (0.021) 0.300 ( 1.462) 0.188*** ( 3.456) 0.535* (1.666) H5 (15) tau = 0.9 3.087 (0.043) 0.022 (0.003) 0.124 (0.586) 0.232 ( 1.397) 0.157*** ( 4.622) 0.543** (2.359) 0.150 0.232 0.079 0.348* 0.133 L. ECE ( 0.938) ( 1.601) ( 0.519) ( 1.661) ( 0.528) Adjusted R 2 0.531 0.461 0.421 0.456 0.575 a?0 341 341 341 341 341 M: * ** *** (&$.ffl 10% 5% 1% ygc J; ΩrRq t 0. FlX%Pi, p'uλ 0.1 t'uλ 0.5, *U' xn_ψy _ψωc'% Ip%y:, IE* U' yprc`ν#/λm Ixq U 4 Ω, #E*U' ffi> PRC` Xν#/ΛμμFb x~wcffi$ß9hffi. ffi'uλ 0.75 u 0.9, *U' xn_ψy _ψωcffid% - I. p^ 9, 5&' FbxχΠYffi> PRC` Xν#/ΛμμFbx~wit Ixam, ffiprc ` Xν#μμFbUffffi<~x~w-oq Ixam [39]. 5 fi* νy; ffi Davoodi u Zou [23] xffl3g4 X, 'Π5&' ffi~χpr1 xhffi, `k Hamilton ocßwt"5&' y~χpr1 x +R, `kffi +Rxvrμ "5&' y~χpr1 Mq U 4 Ω. ~, p"i(ffl3piffi&&_#>x4m9, νy m>g 2004 2014 Vfl&BffC lz7&(3i, Pi#E, *U' yprc` Xν#/ΛM Ixq U 4 Ω, yprpψwß/λ upr XG}/Λs-M Ixq U 4 Ω. O~, m9ff' 1!ffi RfleZ7 <93I, 3I Pi#E RflePi2 <x. ^~, νy m'ucfleue"5&' )fx _#K>x_9fif, Pi#E, ffiprc` X&#μμ> x~w, *U' oq$ß9hffi, ffiprc` X&# Xμ μi?x~w, *U' A-fliam. u&(pi, νyyuωffl&;@]: N, pu5&' yprc` Xν#/ΛM Ixq U 4 Ω, fr'±(t5&' ffiprc` Xν#/ΛYNxE =)f, -flk 5&' [7, ffi' yρ -0etNBby, VPR/ΛszΠpK!YNn9xPR1., pu5&' yprpψ wß/λupr XG}/Λs-M Ixq U 4 Ω, fr'±(t5&' yprpψwß/λup R XG}/ΛYNscffi- I Ω, >K&3fer~χ&3A5&UΠffftPψ G}zPR/Λ.
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