摘要
面对宏观经济的复杂形势,特别是新冠肺炎疫情冲击,我国实施了大规模的减税降费政策,以达到“稳就业、稳投资”的目的。基于2012—2019年沪深两市A股上市公司的面板数据,考察减税对企业投资和就业的影响。研究表明,减税显著促进了企业投资水平的提高和就业规模的扩大,从系数绝对值来看,减税对投资的促进力度更大。进一步按产权性质、企业规模和行业进行分样本探讨,发现减税对于不同产权性质、不同规模和几乎所有行业的企业都显著增加了其投资规模,但减税对就业的影响则表现出明显的异质性,只对非国有企业、较大规模企业以及生活服务业和零售企业具有显著扩大作用,说明相对于增加就业,企业更倾向于将减税节省的资金用于投资。这可能与我国所实行的投资偏向型的税收优惠政策有关。因此,要进一步调整和完善我国的减税政策,要从投资偏向型减税政策向就业偏向型减税政策转变;将减税降费政策向民营企业、大规模企业和劳动密集型行业倾斜,增强企业吸纳就业能力;实施创新导向型减税政策,优化就业结构。
Faced with the complex macroeconomic situation,especially the impact of COVID-19,China has implemented a large-scale tax reduction and fee reduction to achieve the goal of"stabilizing employment and investment."Based on panel data of China’s A-share listed companies in Shanghai and Shenzhen stock market from 2012 to 2019,this paper studies on the impact of tax reduction on corporate investment and employment.The empirical results show that tax reductions have significantly promoted the level of corporate investment and the expansion of employment scale.From the coefficient of the regression,tax reductions promote investment more strongly.Further,we discuss on the sub-sample according to the nature of property rights,corporate size and industry.We conclude that tax reductions have significantly increased their investment scale for all the sub sample.However,the impact of tax reduction on employment shows heterogeneity.Only for non-state-owned enterprises,large-scale enterprises,and enterprises in the life service industry and retail industry,tax reductions have a significant expansion effect on employment.The above results indicate that companies are more inclined to use the money saved by tax reductions for investment.It may be related to China’s investment-biased preferential tax policies.This paper studies on the short-term effects of tax reduction on investment and employment from a micro perspective,which enriches the evaluation of tax reductions’effects.In the formulation of tax reduction policies in the next step,more preferential policies that encourage enterprises to employ personnel should be implemented.
作者
吉黎
JI Li(Business School,University of Shanghai for Science and Technology,Shanghai 200093,China)
出处
《中国流通经济》
CSSCI
北大核心
2022年第1期71-79,共9页
China Business and Market
基金
国家社会科学基金项目“基于行政区划调整的地方政商关系识别、影响和动态机制研究”(18CJL022)。
关键词
减税效应
投资
就业
税收激励
the impact of tax reduction
investment
employment
tax incentive
