财政融资、金融融资对城镇化支持效应的比较分析--基于平滑转换回归模型

运用平滑转换回归模型分析财政融资、金融融资对城镇化发展的支持效应差异。结果表明：（1）金融发展（FRt ）是导致它们对城镇化支持呈现门槛效应的原因之一。当 FRt 低于0．1447时，表现出线性特征；反之，表现出非线性特征。（2）财政融资、金融融资与城镇化的发展存在长期均衡关系，金融融资对城镇化的长期支持效应超过财政融资，原因是财政支持对城镇化的贡献会因非线性效应而减弱；而金融发展对城镇化的支持并没有表现出非线性效应。

Comparative Analysis of Support Effects of Fiscal Financing,Financial Financing on Urbanization:Based on Smooth Transition Regression Model

This paper used the smooth transition regression (STR)to analyze the support effect differ-ences of fiscal financing,financial financing on urbanization.The results show that:(1)changes of financial development level is one of the causes of fiscal investment and financial support acting on ur-banization,showing effects of different threshold effects.When FRt is less than 0.144 7,it appears linear characteristics;while when FRt is over 0.144 7,it shows non-linear characteristics.(2)Mod-el estimates show that fiscal financing,financial financing and urbanization exist a long-term equilibri-um relationship,and the long-term effects of the financial support for urbanization will increasingly ex-ceed that of fiscal expenditure in that the contribution of fiscal support for urbanization may be weaken by the presence of nonlinear effect;while financial support for urbanization does not appear nonlinear feature and its impact is relatively stable.