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

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  • Qu, Zheng
  • Huang, Jun

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.

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  • Qu, Zheng & Huang, Jun, 2025. "Cultural and tourism special bonds, fiscal revenue and expenditure ratio, and structural upgrading of the cultural and tourism industry," Finance Research Letters, Elsevier, vol. 82(C).
    • Handle: RePEc:eee:finlet:v:82:y:2025:i:c:s1544612325008554
    DOI: 10.1016/j.frl.2025.107596
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