Cultural and tourism special bonds, fiscal revenue and expenditure ratio, and structural upgrading of the cultural and tourism industry

Zheng Qu and Jun Huang

Finance Research Letters, 2025, vol. 82, issue C

Abstract: This study utilizes a panel dataset of China's provincial administrative regions from 2011 to 2023 to construct an econometric analysis framework, systematically examining the mechanisms among cultural and tourism special bonds, the government revenue-expenditure ratio, and the upgrading of regional cultural and tourism industry structures. The findings reveal that special bond financing for cultural and tourism has a clear positive driving effect on the industry structure upgrade, while the revenue-expenditure ratio significantly constrains this process. Additionally, it exhibits a pronounced negative moderating effect on the relationship between special bonds and industry upgrading, showing evident regional heterogeneity.

Keywords: Cultural and tourism special bonds; Fiscal revenue-expenditure ratio; Cultural and tourism industry structure upgrading (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:82:y:2025:i:c:s1544612325008554

DOI: 10.1016/j.frl.2025.107596

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