关键词: 金融竞争, 相对资本深化, 经济效率, 地方政府干预

Abstract: Different from the majority of papers at home and abroad that investigated strategic competition between different regional governments from the respective of regional government revenue and expenditure, spatial econometric model has been established to examine financial competition between regional governments in this paper. Besides, it researches the effects of capital deepening in this environment to regional economic efficiency by constructing the index of relative capital deepening. Conclusions are as follows: Firstly, regional financial competitions at different stages are different, and they are object to the amount of local government revenue to a large extent. Secondly, from an average sense, the financial allocation in China does not meet the optimal level determined by resource comparative advantages of different regions, and it has led to lower efficiency. Thirdly, the efficiency between different regions and different stages is different. Therefore, a reasonable guide to change local government intervention and the effective coordination of fiscal and financial reform is essential for the local financial development and financial efficiency.

Key words: Financial Competition, Relative Capital Deepening, Economic Efficiency, Local Government Intervention