中文摘要：

资本流动是提高资本配置效率、促进经济增长的前提和基础。文章从基础设施建设、地方保护和市场分割以及地方政府的“攫取之手”分析财政分权对区域资本流动的影响机理,并利用30个省（自治区、直辖市）1995—2011年的面板数据检验了财政分权和区域资本流动的关系。研究发现,财政分权抑制了区域资本流动,有必要通过完善财政分权体制来缓解其负面效应,以促进区域资本流动和中国经济健康发展。

英文摘要：

The premise and foundation of developing economic growth and improving the efficiency of capital allocation is capital flows. This article analyzes the mechanism of fiscal decentralization influence regional capital flows from the construction of infrastructure, local protection and market segmentation and local government＇s grab. It also uses 30 provinces （autonomous regions and municipalities directly under the central government） the panel data from 1995 to 2011 to test the relationship between fiscal decentralization and regional capital flows. The research finds fiscal decentralization inhibits regional capital flows. So, it is necessary to reduce its negative effect by improving the fiscal decentralization system that can benefit to regional capital flows and promote health development of Chinese economy,