摘要
减税降费是供给侧结构性改革的重要内容。基于企业融资约束的角度,选取2004-2021年A股上市的4 519家企业数据,分析2018年开始的新一轮所得税减税在微观层面的政策效应。理论上,新一轮所得税减税能够有效降低企业所得税税负,提升企业内部融资能力,优化外部融资环境,降低企业信息不对称程度,进而降低融资成本,缓解融资约束。研究发现,新一轮所得税减税降低了企业所得税税负,其中,制造业、运输业、服务业、高新技术企业减税效果更明显。同时,新一轮所得税减税政策的推行缓解了企业融资约束,纾缓了所得税负担对企业融资能力的约束,而且,该政策效果在大型企业、轻资产企业、盈利企业、运营时间长的企业中更加明显,即新一轮所得税减税对缓解企业融资约束具有异质性。因此,要强化所得税减税政策落实和跟踪机制,引导企业履行责任,促进企业技术转型,关注企业的异质性,避免盲目追求普惠性。
Reducing taxes and fees is an important part of the supply side structural reform. Based on the perspective of corporate financing constraints,the authors analyze the policy effects of the new round of income tax reduction in 2018 at the micro level. Theoretically,the new round of income tax reduction can effectively reduce the tax burden of enterprise income tax,improve the internal financing ability of enterprises,optimize the external financing environment,reduce enterprise information asymmetry,and then reduce financing costs and alleviate financing constraints. It is found that the new round of income tax reduction has effectively reduced the tax burden of enterprise income tax,among which the effect of tax reduction is more obvious for manufacturing,transportation,service and high-tech enterprises. At the same time,the implementation of the new round of income tax reduction policy eased the financing constraints of enterprises and the degree of constraint of income tax burden on the financing ability of enterprises. Further research shows that the effect of the policy is more obvious in large enterprises,asset-light enterprises,profitable enterprises and enterprises with long operation time,that is,the new round of income tax reduction has heterogeneity in alleviating the financing constraints of enterprises. Therefore,we should strengthen the implementation and tracking mechanism of income tax reduction policies,guide enterprises to fulfill their responsibilities,promote enterprise technological transformation,pay attention to enterprise heterogeneity,and avoid blindly pursuing universal benefits.
作者
谭雪
李婧萱
TAN Xue;LI Jing-xuan(Business School,Hunan Normal University,Changsha 410081,Hunan,China;School of Economics and Management,Southwest Jiaotong University,Chengdu 610031,Sichuan,China)
出处
《中国流通经济》
CSSCI
北大核心
2022年第8期94-104,共11页
China Business and Market
基金
国家社会科学基金项目“减税降费治理企业脱实向虚的作用机制与路径优化研究”(21CGL009)。
关键词
新一轮所得税减税
融资约束
公司治理
税制改革
the new round of income tax reduction
financing constraints
corporate governance
tax system reform
