摘要
本文以我国2008年新所得税税法的实施为外生事件,以2002-2015年深沪两市A股类上市公司为研究样本,采用Difference-in-Differences(DID)法,考察了企业所得税率降低对全要素生产率的影响。研究发现,所得税率降低会提高企业全要素生产率。这种提高是通过优化资源配置、缓解融资约束、增加研发投入和人力资本投入四条路径来实现的。进一步研究发现,所得税率降低当年对全要素生产率的影响最大,此后逐年递减;产生的累积效应逐年递增,到2014年趋于平稳。本文为研究减税政策对企业全要素生产率的影响提供了经验证据,对于政府应如何实施税收政策以及通过何种路径提高全要素生产率具有一定的参考意义。
In this paper, impacts of tax abatement policies upon total factor productivity are studied. The implementation of 2008 New Tax Law of China is deemed as exogenous event and companies listed from 2012 to 2015 with A shares in Shenzhen and Shanghai are regarded as samples to investi- gate effects of declining enterprise income tax rate upon total factor productivity with Difference-in-Differences （DID） method. The results suggest that enterprises＇ total factor productivity will increase with the decrease of the income tax rate. Such improvement is implemented through four channels, name- ly, the optimization of resource allocation, the alleviation of financing constraints, and the increase in the input in research ＆development and manpow- er. It is also found through further research that the total factor productivity was under the severest influence the year when the income tax rate declined, and afterwards, it witnessed progressive decrease year after year, and the generated accumulative effect increased year by year, and became approximate- ly stable in 2014. As to the question how tax abatement policies influence enterprise＇ total factor productivity and the mechanism of action, certain empiri- cal evidence is provided in this paper, which is of certain significance as a reference in how the government should implement the taxation policies and which channels should be adopted to enhance the total factor productivity.
作者
郑宝红
张兆国
Zheng Baohong;Zhang Zhaoguo
出处
《会计研究》
CSSCI
北大核心
2018年第5期13-20,共8页
Accounting Research
基金
国家自然科学基金项目(71702042
71702194)
中央高校基本科研业务费专项资金资助(JZ2016HGBZ1010)
教育部人文社会科学研究一般项目(16YJC630139)的资助
关键词
企业所得税
全要素生产率
融资约束
资源优化配置
Enterprise Income Tax
Total Factor Productivity
Financial Constraints
Optimize Resource Allocation
