Table 3 The quantile regression results of financial efficiency
From: Transfer payment structure and local government fiscal efficiency: evidence from China
| Variable | Model 1: quantile regression of panel data | Model 2: quantile regression of mix data | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 0.1 | 0..25 | 0.5 | 0.75 | 0.9 | 0.1 | 0..25 | 0.5 | 0.75 | 0.9 | |
| Constant |
−19.01119 (−1.58913) |
−26.3694*** (−3.78311) |
−12.36654* (−1.80535) |
29.08985*** (4.09741) |
25.00064 (1.50226) |
14.48595 (1.09793) |
−12.44011 (−0.46223) |
11.03235 (0.30328) |
5.14809 (0.20617) |
11.27833 (0.48578) |
| Proportion of tax refund |
0.57745*** (7.16811) |
0.62308*** (7.40576) |
0.57892*** (8.89608) |
0.37847*** (4.29930) |
0.29948*** (3.65326) |
0.77165*** (11.04981) |
0.84927*** (5.96192) |
0.66690*** (3.46371) |
0.47226*** (3.57324) |
0.55524*** (4.51839) |
| Proportion of condition grant |
−0.04243 (−0.84644) |
−0.05498 (−0.53771) |
−0.03732 (−0.27000) |
−0.03284 (−0.34614) |
−0.15146* (−1.71711) | |||||
| Proportion of financial transfer payment |
−0.03355** (−2.33520) |
−0.00329 (−0.76149) |
−0.00615 (−1.42557) |
−0.01595*** (−4.57422) |
−0.01659*** (−2.63667) |
−0.04624*** (−8.51703) |
−0.02966*** (−2.67888) |
−0.00898 (−0.60005) |
−0.00517 (−0.50325) |
−0.00566 (−0.59198) |
| Population density |
−0.40781** (−2.05557) |
−0.44742* (−1.91752) |
0.03264 (0.10537) |
1.22461*** (3.85641) |
1.66547*** (4.09892) |
−0.19289 (−0.90525) |
−0.45290 (−1.04199) |
0.62253 (1.05963) |
1.94916*** (4.83338) |
2.38806*** (6.36897) |
| Per capita GDP |
−10.62017 (−2.69518) |
−9.38714** (−2.41739) |
−6.48708 (−1.34878) |
3.02845 (0.61234) |
8.40883* (1.96650) |
−15.4897*** (−4.53204) |
−11.89780* (−1.70657) |
5.83165 (0.61885) |
4.95819 (0.76652) |
−2.43753 (−0.40529) |
| Education level |
7.38000*** (7.12654) |
7.62204*** (9.66954) |
7.17285*** (8.94870) |
4.32834*** (5.80688) |
4.19406** (2.48495) |
5.34559*** (3.83007) |
8.94833*** (3.14309) |
6.73494* (1.75020) |
7.25184*** (2.74541) |
8.36351*** (3.40539) |
| Proportion of budget revenue |
0.19619*** (3.41957) |
0.22834*** (4.09420) |
0.17623*** (4.32710) |
0.09363 (1.37880) |
0.23452*** (4.27094) |
0.21537*** (2.69728) |
0.06624 (0.40670) |
−0.09188 (−0.41734) |
0.06410 (0.42415) |
−0.02393 (−0.17032) |
| Degree of marketization |
0.05296 (0.38798) |
0.11786 (0.96446) |
−0.18009 (−1.52762) |
−0.64916*** (−4.83944) |
−0.65869 (−4.43159) |
0.04206 (0.28911) |
−0.39348 (−1.32601) |
−1.00761** (−2.51221) |
−0.83117*** (−3.01896) |
−0.90470 (−3.53417) |
| R 2 | 0.76170 | 0.69668 | 0.64870 | 0.61091 | 0.58495 | 0.65890 | 0.54643 | 0.55378 | 0.57853 | 0.58977 |
| LR | 372.8789 | 365.5931 | 360.6661 | 288.6559 | 180.1155 | 85.57791 | 64.21197 | 78.51349 | 71.72961 | 55.68724 |