Abstract:

：Nowadays，enhancing fiscal expenditure efficiency has become a critical component of advancing Chinas financial sustainability The adoption of a fiscal cogovernance model provides a viable approach to achieving this goal As fiscal management transitions toward this cogovernance framework，the establishment of government new media，such as the WeChat official accounts of fiscal and taxation departments，has not only opened new avenues for improving fiscal expenditure efficiency but also injected fresh momentum into the modernization of fiscal governance
Based on the 474 000 tweets crawled from the WeChat official accounts of fiscal and taxation departments，as well as the panel data of 227 prefecturelevel cities，this paper evaluates the impact of fiscal cogovernance on fiscal expenditure efficiency This paper initially assesses the efficiency of local government expenditure，subsequently adopting twoway fixed effects and double machine learning models The empirical results indicate that the opening of the fiscal and taxation departments WeChat accounts markedly enhances fiscal expenditure efficiency This is achieved by fostering financial transparency and by strengthening media supervision The heterogeneity analysis indicates that an excess of posting may have a detrimental impact on the positive role of government new media It is therefore recommended that the taxation departments WeChat accounts focus on disseminating authoritative information and providing guidance on the tax process Conversely，fiscal departments WeChat accounts should prioritize the originality of their content and direct their publicity efforts toward fiscal policies Moreover，the effectiveness of promotion efforts is influenced by factors such as the level of city expenditure efficiency，city grade，and geographic location Ultimately，the establishment of WeChat official accounts holds the potential to mitigate regional disparities in expenditure efficiency However，the role of government public microblogs is relatively limited in this regard
This paper offers significant theoretical and practical implications by shedding light on the role of government new media in enhancing fiscal expenditure efficiency The findings provide a nuanced understanding of how targeted content strategies and moderation of posting frequency can maximize the positive impact of these platforms By addressing both internal and external governance dynamics，the study contributes to the exploration of innovative fiscal cogovernance models tailored to Chinas unique context

Key words:

fiscal cogovernance, 
																																							   fiscal expenditure efficiency, 
																																							   government new media, 
																																							   double machine learning, 
																																							   text analysis

摘要：

政府支出效率提升已成为推动我国财政可持续发展的关键。随着财政管理向“共治”模式转型，政务新媒体平台开通为提升支出效率开辟了新途径。本文基于474万条财税公众号推文和227个地级市的面板数据，采用双向固定效应和双重机器学习模型评估了财政“共治”对支出效率的影响。研究发现，财税公众号通过增强财政透明度和媒体监督，显著提升了政府支出效率，税务公众号的政策效应更为显著。异质性分析表明，过度发文可能削弱公众号的正面作用，税务公众号应注重权威信息转发、财税政策宣传和纳税指导，财政公众号应注重原创内容和政策宣传重点。此外，提升作用受城市支出效率、城市等级和地理区位等因素影响。进一步分析表明，财税公众号开通有效缩小了区域财政支出效率差距，政务微博的作用较为有限。本文为中国特色财政“共治”模式的探索提供了新颖视角和实践路径。

关键词:

财政“共治”, 
		                                    	                                    													                                       政府支出效率, 
		                                    	                                    													                                       政务新媒体, 
		                                    	                                    													                                       双重机器学习, 
		                                    	                                    													                                       文本分析