摘要
本文在一个异质企业生产决策模型框架下纳入税收竞争,利用中国2002-2016年30个省市自治区面板数据,实证检验税收竞争的资本错配纠正效应及其作用机制。研究发现,税收竞争存在资本错配纠正效应,但呈现非线性特征,即资本错配程度越大,税收竞争的资本错配纠正效应越小且越不显著。在资本错配方向上存在明显的异质性,相对于资本配置过度地区,资本配置不足地区税收竞争的资本错配纠正效应更大。同时,金融发展规模和企业资本密集度对于税收竞争的资本错配纠正效应存在负向调节效应。税收竞争通过降低资本进入门槛、刺激资本市场竞争、促进工业结构升级来纠正资本错配效应,且税收竞争通过降低资本进入门槛来促进地区资本错配纠正最为有效,资本市场竞争的效果次之,而工业结构升级的效果有限。
This paper incorporates tax competition in the framework of a heterogeneous firm production decision model,based on the perspective of the selection effect of tax competition on heterogeneous firm,and empirically tests the capital misallocation correction effect of tax competition and its mechanism using the panel data of 30 provinces in China from 2002 to 2016.The results show that there is a capital misallocation correction effect of tax competition,but it is non-linear,i.e.,the greater the degree of capital misallocation,the smaller and less significant the capital misallocation correction effect of tax competition.There is significant heterogeneity in the direction of capital misallocation,and compared to overcapitalized regions,the capital misallocation correction effect of tax competition is greater in undercapitalized regions.At the same time,the scale of financial development and the capital intensity of enterprises have a negative moderating effect on the capital misallocation correction effect of tax competition.Tax competition corrects the capital misallocation effect by lowering the capital entry barrier,stimulating capital market competition and promoting industrial structure upgrading.Tax competition is most effective in promoting regional capital misallocation correction by lowering the capital entry barrier,followed by the effect of capital market competition,and the effect of industrial structure upgrading limited.
作者
薛虎
耿献辉
杜康
XUE Hu;GENG Xian-hui;DU Kang(School of economics and management,Nanjing Agricultural University,Nanjing 210018,China;School of economics and management,Wuhan University,Wuhan 430064,China)
出处
《商业研究》
CSSCI
北大核心
2022年第6期104-113,共10页
Commercial Research
基金
国家社科基金重大项目,项目编号:20ZDA045
财政部和农业农村部:国家现代农业产业技术体系资助项目,项目编号:CARS-28
江苏省哲学社会科学基金重大项目,项目编号:K0201900192。
关键词
税收竞争
要素错配
纠正效应
选择效应
要素流动
tax competition
factor misallocation
correction effect
selection effect
factor mobility
