资本品减税对僵尸企业出清的影响——基于东北地区增值税转型的自然实验  

Reducing the Tax Burden of Capital Goods Affects the Elimination of Zombie Companies:Evidence from the VAT Reform in Northeast China

作　　者：何振 王小龙[3] 许敬轩 He Zhen;Wang Xiaolong;Xu Jingxuan(Post-Doctoral Workstation of China Construction Bank,Beijing 100032,China;Post-Doctoral Station of Tsinghua University,Beijing 100084,China;School of Finance,Renmin University of China and China Financial Policy Research Center,Beijing 100872,China;School of Economics,Beijing Technology and Business University,Beijing 100048,China)

机构地区：[1]中国建设银行博士后工作站,100032 [2]清华大学博士后流动站 [3]中国人民大学财政金融学院、中国财政金融政策研究中心,100872 [4]北京工商大学经济学院,100048

出　　处：《南开经济研究》2021年第3期33-47,共15页Nankai Economic Studies

基　　金：中国博士后科学基金面上项目(2019M660756);国家社会科学基金一般项目(19BJY216);国家自然科学基金青年项目(71903008)的资助。

摘　　要：加快僵尸企业出清是经济去杠杆和去产能的关键。本文从资本品减税的视角出发,利用2004年东北地区增值税转型这一自然实验,采用三重差分模型实证检验了增值税转型对僵尸企业形成的影响。其结果显示,增值税转型显著抑制了僵尸企业的形成,并且这种效应主要存在于国有企业和非出口企业。机制检验显示,增值税转型主要通过提高企业的全要素生产率和降低资产负债率来抑制僵尸企业形成。进一步研究表明,增值税转型主要通过促进僵尸企业恢复为正常企业来抑制僵尸企业的形成,对僵尸企业退出市场影响不大。本文的研究表明,政府可以使用税收手段加快僵尸企业出清。Accelerating the elimination of zombie companies is the key to economic deleveraging and de-capacity.From the perspective of reducing the tax burden of capital goods,based on the natural experiment of VAT reform in Northeast China in 2004,this paper empirically tests the impact of VAT reform on the formation of zombie enterprises by the DDD model.The result shows that the VAT reform significantly inhibit the formation of zombie companies,and this effect mainly exists in state-owned enterprises and non-export enterprises.The mechanism test finds that the VAT reform mainly inhibit the formation of zombie enterprises by improving the total factor productivity and reducing the asset-liability ratio.Further research shows that the VAT reform mainly affects the formation of zombie enterprises by promoting the recovery of zombie enterprises into normal enterprises,and has little effect on the exit of zombie enterprises.This article shows that the government can use tax means to speed up the clearance of zombie enterprises.

关 键 词：资本品减税 增值税转型 僵尸企业 三重差分法 

分 类 号：F279.27[经济管理—企业管理] F812.42[经济管理—国民经济]