将三阶段DEA模型与Bootstrap方法相结合,选取地方债务投入和产出指标,构建了地方债务使用效率测评模型.以中国30个省级行政区域作为研究样本,检验地方债务使用效率测评模型的准确性和可靠性.在此基础上,引入税收与引资竞争反映地方政府竞争强度,构建面板门限模型,分析地方政府竞争与地方债务使用效率之间的非线性关系,挖掘最优地方政府竞争程度与机制.实证结果表明:地方政府竞争与地方债务使用效率之间存在倒U形关系;当地方政府竞争强度低于门限值时,地方政府竞争会提高债务使用效率;竞争高于门限值会造成地方债务使用效率损失;不同区域的地方政府竞争最优强度各不相同,其中东部地区最低,而中部地区和西部地区的地方政府竞争最优强度相对更高;近年来地方债务使用效率呈逐步增长趋势,但是目前整体仍相对偏低,有较大的提高空间.%This paper combines the three-stage DEA model with the Bootstrap method,and selects the indexes of local debt input and output, and builds an evaluation model for utilization efficiency of local government debt.Taking 30 provincial administrative regions in China as the re-search object,it examines the accuracy and reliability of this debt use efficiency evaluation model.On this basis,it uses tax and investment com-petition to reflect the intensity of local government competition,and builds the panel threshold model to analyze the nonlinear relationship be-tween local government competition and debt use efficiency to mine the optimal level of competition and mechanism.The empirical results show as follows:there is an inverted "U-shaped" relationship between local government competition and utilization efficiency of local government debt;when the competition is lower than the threshold,the local government competition will improve the utilization efficiency of local govern-ment debt;when the competition is higher than the threshold,the local government competition will cause loss of utilization efficiency of local government debt;the optimal intensity of competition varies from region to region,with the lowest in the eastern region and relatively higher competition intensity in the central and western regions;in recent years,the utilization efficiency of local government debt has shown a gradual increasing tendency,but at present,the overall utilization efficiency of local government debt is still relatively low and there is much room for im-provement.
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