摘要
完善房地产交易环节的税收征管制度是规范市场投资行为、减少市场不合理波动并推动房地产税源建设的重要制度保障。本文引入个体逃税不确定性行为,构建了一个企业跨期房产投资决策模型,并以应用房地产评税技术核定计税价格的试点工作为准自然实验进行实证检验。研究发现,应用评税技术能显著抑制企业异常房产投资,突出表现在房价波动剧烈或财政自给率较高的地区,以及短期借款率较低或审计风险较高的企业。调节效应表明,应用评税技术既能与其他房地产调控政策产生协同效应,也能与地方政府、企业以及第三方形成共同治理的格局。机制检验表明,应用评税技术分别发挥了“挤出效应”“警示效应”“规制效应”,有效治理了企业异常房产投资。进一步地,应用评税技术还有助于熨平房地产价格波动,促进市场平稳发展。上述研究结论揭示了评税技术对企业异常房产投资行为的影响和微观机理,为有序搭建相关基础性制度,促进房地产市场平稳健康发展提供了经验证据。
The real estate market is a pillar of China's economy and a major source of local fiscal revenue,and stabilizing its development is crucial for sustaining domestic economic recovery.Addressing potential systemic risks and tax leakage from abnormal speculative activities in the real estate sector requires deepening tax collection and administration reform—an integral part of real estate market governance.Such reform serves as a fundamental institutional improvement for real estate transactions,a key measure to regulate tax-related real estate behavior,and a vital safeguard for curbing improper investment,fostering smooth flows in the market,and strengthening real estate-related tax revenue.This study constructs a mathematical model of corporate intertemporal real estate investment decisions,systematically explaining the theoretical logic between tax assessment technology and abnormal investment.Using panel data from Shanghai/Shenzhen A-share listed companies(2009-2019)and employing the pilot policy for verifying taxable prices via tax assessment technology as a quasi-natural experiment,the study provides empirical evidence.The results show that tax assessment technology significantly inhibits abnormal corporate real estate investment,with more prominent effects in regions with volatile housing prices or high fiscal self-sufficiency,and in enterprises with lower short-term borrowing rates or higher audit risks.Moderating effect analysis reveals its synergistic effects with real estate regulatory policies and collaboration among local governments,enterprises,and third parties.Mechanism tests demonstrate that tax assessment technology raises enterprises'actual tax burden,expected tax risks,and institutional costs,effectively curbing abnormal investment.Further analysis indicates that it also smooths macro-level housing price fluctuations.This study makes the following key contributions.First,it provides a more comprehensive evaluation of the pilot program for verifying taxable real estate prices through tax assessment technology.Based on existing research,this study uses a sample with higher granularity and broader city coverage in empirical analysis,enhancing the representativeness and credibility of the findings while expanding the literature on tax collection and administration reform.Second,this study investigates the causal and multi-dimensional moderating effects of market-oriented real estate tax collection and administration reform on abnormal corporate real estate investment,addressing gaps in research on how tax policies influence real estate market behavior.The findings offer strong practical insights for deepening the understanding of real estate policies and promoting sound,stable flows in the real estate market.Last but not least,this study reveals the diverse operational mechanisms through which tax assessment technology curbs excessive corporate allocation of real estate assets,conducts an in-depth analysis of the internal logic behind abnormal corporate real estate investment decisions,and contributes to the literature on micro-level capital allocation and real estate investment regulation.
作者
霍文希
谢贞发
HUO Wenxi;XIE Zhenfa(Xiamen University,361005)
出处
《财贸经济》
北大核心
2026年第1期40-61,共22页
Finance & Trade Economics
基金
国家自然科学基金面上项目“新增值税分成制度的财政激励效应及优化研究”(72573139)
国家社会科学基金一般项目“税务行政罚款的溢出效应及裁量基准优化研究”(23BJY031)
福建省自然科学基金项目“激励、差异与稳定:新发展阶段税收分成制度改革研究”(2024J01032)。
关键词
评税技术
房产投资
税收征管
房价波动
Tax Assessment Technology
RealEstateInvestment
TaxCollection andAdministration
Housing Price Fluctuations
