Estimation of Local Fiscal Extractive Capacity in Guangdong Province and Analysis of Influencing Factors—An Empirical Study Based on 21 Prefecture-Level Cities

Fiscal Extractive Capacity is an important component of national capacity, and its inadequacy will drive local governments to raise funds through non-standard channels and bring negative effects on national governance. In this paper, we define the fiscal extractive capacity through the fiscal extractive scale, fiscal extractive degree of self-sufficiency and fiscal extractive sustainability, and we use the fixed-effect model and factor analysis method to calculate and draw the empirical analysis of the fiscal extractive capacity of the prefecture-level cities in Guangdong Province from 2008 to 2014, and the results show that fiscal expenditure decentralization, economic factors and population factors have significant impact on fiscal extractive capacity. Therefore, it is suggested that we should divide the fiscal power of the prefectural city reasonably, promote the optimization and upgrading of the industrial structure, and strengthen the financial guarantee to the prefectural government through the reform of the transfer payment system.