摘要
关于增值税转型对企业间成本加成率分布与资源配置效率的影响,鲜有文献对此进行考察和识别。文章基于1998-2007年中国微观企业数据,将2004年东北地区试行的增值税改革视为准自然实验,采用双重差分法考察了增值税转型对中国制造业成本加成率分布以及资源配置效率的影响。研究发现,以增值税转型为代表的减税政策有效降低了成本加成率分布的离散程度,改善了制造业的资源配置效率。进一步地,增值税转型能更多地促使高成本加成企业降低成本加成率,并可以通过价格和边际成本渠道对缩小企业间成本加成率差距产生显著影响。基于行业国有资本份额、资本密集度和行业技术水平的异质性检验表明,税收激励对高国企份额行业、劳动密集型行业和一般技术水平行业的作用更为显著。因此,应针对性地实施税收改革,以更好地发挥税收激励的资源配置效应。
As an important part of the proactive fiscal policy,tax reduction is a powerful means for a country to implement macro regulations. The Chinese government has always taken reducing the corporate tax burden as the main content of structural adjustment and growth promotion. Especially in recent years,the policy of slashing tax and fee reduction has been implemented one after another,in order to enable enterprises to really lightweight,effectively reduce their tax burden,improve their business performance,and thus drive the vitality of the whole economic market. It is undeniable that the transformation of value-added tax from production to consumption plays a crucial role in reducing the tax burden of enterprises. However,considering the significance of value-added tax reform from the view of reducing tax burden is far from enough. From a more profound perspective,tax reduction also has the role of 'leveling competition areas in market competition and improving the efficiency of resource allocation'. The essence of tax reduction is to improve the efficiency of resource allocation. However,little literature has examined the effect of the value-added tax reform on markup dispersion and resource allocation in manufacturing industries. Based on 1998—2007 Chinese manufacturing firm-level data and using China’s value-added tax pilot reform in 2004 as a quasi-natural experiment,this paper estimates the impact of tax deduction on markup dispersion with the difference-in-differences method. In addition,we identify the specific mechanism of price and marginal cost channels affecting markup dispersion,and test the heterogeneity of industry technology level,SOE share and capital intensity. The results indicate that tax incentive provided by value-added tax reform reduces markup dispersion significantly and improves the efficiency of resource allocation. The further mechanism analysis suggests that value-added tax reform has a larger effect on markups at higher quantiles than at lower quantiles,and flattens markup distributi
作者
康茂楠
毛凯林
刘灿雷
Kang Maonan;Mao Kailin;Liu Canlei(School of Economics, Tianjin University of Finance and Economics, Tianjin 300222, China;School of Finance, Shanxi University of Finance and Economics, Taiyuan 030006, China;Institute of International Economics, University of International Business and Economics, Beijing 100029, China)
出处
《财经研究》
CSSCI
北大核心
2019年第2期4-16,共13页
Journal of Finance and Economics
基金
国家自然科学基金青年科学基金项目(71803016)
中央高校基本科研业务经费项目(17QD16)
