关键词: 财政扶贫, 金融扶贫, 减贫效应, 可行能力

Abstract: Based on the micro-survey data of 3301 registered poor households in 10 former poverty-striken counties of 5 provinces in the central and western regions of China, this paper examines the poverty reduction effect of poverty alleviation funds and its mechanism from the perspective of efficiency and equity based on Sen’s feasible capability framework. We find that first, financial poverty alleviation not only promotes the improvement of the feasible ability of poor households, but also eases the inequality of their feasible ability. But fiscal poverty alleviation inhibits the improvement of the feasible ability of poor households. Second, compared with fiscal poverty alleviation, financial poverty alleviation is more conducive to improving the feasible ability of relatively disadvantaged groups who relatively lack human capital and benefit from “minimal insurance” and other benefits. Third, the “negative incentive” effect of fiscal poverty alleviation inhibits poor households’ use of economic opportunities, thereby worsening their feasible capability. Although financial poverty alleviation “squeezes out” poor households’ employment development opportunities, due to the “substitution effect” of industrial development opportunities, the feasible capability of poor households can still be improved. Further study shows that the “high fiscal, high financial” policy has the best effect in synergistic poverty reduction. The research results of this paper have certain reference significance for making fiscal and financial assistance policies in the process of consolidating and expanding the achievements of poverty alleviation and making solid process toward common prosperity.

Key words: Fiscal Poverty Alleviation, Financial Poverty Alleviation, Poverty Reduction Effect, Feasible Capability