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 |