企业的纳税能力影响了政府补贴效率吗?  

Does Taxpaying Capacity of Enterprises Affect the Efficiency of Government Subsidies?

作　　者：汪圣国 李炳财 WANG Shengguo;LI Bingcai(Post-doctorate R&D Base,Guotai Junan Securities Co.Ltd,Shanghai 200041,China;Post-doctorate Mobile Stations,Shanghai Jiaotong University,Shanghai 200240,China;School of Economics,Xiamen University,Xiamen 361005,China)

机构地区：[1]国泰君安证券股份有限公司博士后工作站,上海200041 [2]上海交通大学博士后流动站,上海200240 [3]厦门大学经济学院,福建厦门361005

出　　处：《中南财经政法大学学报》2022年第2期52-63,共12页Journal of Zhongnan University of Economics and Law

摘　　要：除土地财政以外,地方税收构成地方政府的主要财源,纳税大户往往在地方社会治理中拥有较强的话语权,有可能获取更多来自地方政府的补贴。基于2008~2019年A股非金融上市公司数据,本文考察了企业的纳税能力对政府补贴效率的影响。研究发现:在绝对数量上,纳税能力越强,企业获得的政府补贴数额越多;在相对数量上,纳税能力弱的企业从政府获得补贴更加困难,容易产生补贴不足,而纳税能力强的企业更容易导致来自政府的补贴冗余。在进一步深化供给侧结构性改革过程中,在财政压力大的地区,企业的纳税能力造成了更多补贴冗余现象。最后,企业获得的冗余补贴并未给企业带来未来经营绩效的改善,反而对低纳税能力企业获得政府补贴产生了挤出效应。本文从企业纳税能力的角度为政府补贴效率研究提供了新视角。As taxes constitutes the main fiscal resource of the local government other than land finance,major taxpayers often have a strong bargaining power in social governance,and may obtain more subsidies from local governments.Based on the data of China's A-share listed companies from 2008 to 2019,this paper investigates how the taxpaying capacity of enterprises affects the efficiency of government subsidies.The results show that:in absolute quantity,the stronger the taxpaying capacity,the higher amount of government subsidies enterprises receive;In relative quantity,enterprises with weak taxpaying capacity are more likely to receive insufficient subsidies,while those with strong taxpaying capacity are more likely to receive redundant subsidies.In the economic downturn and the areas under fiscal pressure,the taxpaying capacity of enterprises causes more subsidy redundancy.Finally,the redundant subsidies obtained by major taxpayers have not improved their future performances,and have crowded out subsidies obtained by non-major taxpayers.This paper provides a new perspective for the study of government subsidy efficiency.

关 键 词：纳税能力 政府补贴 补贴效率 补贴冗余 补贴不足 

分 类 号：F812.4[经济管理—财政学]