税费替代:增值税减税、非税收入征管与企业投资  

Tax-Fee Substitution:VAT Tax Reduction,Non-tax Revenue Management and Corporate Investment

作　　者：赵仁杰 范子英[1] ZHAO Renjie;FAN Ziying(School of Public Economics and Administration,Shanghai University of Finance and Economics)

机构地区：[1]上海财经大学公共经济与管理学院,上海200433

出　　处：《金融研究》2021年第1期71-90,共20页Journal of Financial Research

基　　金：国家社会科学基金重大招标项目(19ZDA076);国家自然科学基金面上项目(71973088)的资助。

摘　　要：通过减税促进企业投资和提振宏观经济是近年来中国税收制度改革的重要目标,但减税政策的实际效果却存在争议。本文利用2009年增值税转型改革,研究了减税对地方政府税费收入和企业非税负担的影响,从税费替代的角度揭示非税负担变动如何影响企业固定资产投资。研究发现:(1)增值税转型在减税的同时提高了地方政府非税收入并加重了企业非税负担,地方财政收入受增值税转型冲击越大,企业非税负担上升越明显。(2)上述应主要体现在小型、微型和民营企业上,大中型、非民营企业的非税负担未发生明显变化。(3)非税负担上升会显著抑制小型、微型和民营企业的固定资产投资,促使小型微型和民营企业通过持有更多现金和减少流动性负债来应对税费负担不确定性。本文有助于理解减税政策对小型微型和民营企业非税负担的溢出效应及其影响,为通过减税降费促进投资和提振经济提供经验支撑。Tax competition has in recent years resulted in lower tax rates worldwide.Promoting corporate investment and economic development has been the key target of the large-scale tax cuts in China's tax reform policies.The reduction of value-added tax and inclusive tax cuts for small enterprises are expected to reduce the tax burden and promote investment.However,the effectiveness of the tax reduction policy has been debated and the responses of some firms do no reflect the reduction in tax.Private investment has not increased significantly since the implementation of the tax reduction policy.Does the tax reduction policy then reduce the burden on firms?How do such policies affect corporate investment?What factors restrict the effectiveness of tax reduction policies?By addressing these questions we can better understand the actual effects of tax reduction policies,and thus tax reduction reforms can be further improved.The tax reduction policies of China's central government often result in fiscal reductions for local governments under the tax sharing system.The financial stress faced by local governments from the implementation of tax reduction policies prompts us to investigate how they can strategically respond to tax reduction shocks.Non-tax fiscal revenue is essential for local governments,which they have the autonomy to collect and manage.However,the tax reduction policies implemented by the central government can reduce local tax revenues.To ensure a fiscal balance,local governments can better enforce the collection of non-tax revenues,which leads to an increase in the non-tax burden of enterprises,and the effect of“tax-fee substitution”in local fiscal revenues and corporate expenses,which eventually hinders the effectiveness of tax reduction policies.Value-added tax is the main type of shared tax in China.When first established,value-added tax could not be deducted from the fixed assets purchased before tax,which significantly increases a firm's financial burden.In 2004,China began to pilot value-added tax t

关 键 词：税费替代 增值税转型 非税负担 企业投资 

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