微观企业的投资行为特征和减税的宏观经济效应:动态一般均衡分析  

Lumpy Investment and Macroeconomic Effects of Tax Policy:A General Equilibrium Analysis

作　　者：田磊 TIAN Lei(Zhejiang University of Finance and Economics)

机构地区：[1]浙江财经大学财政税务学院,310018

出　　处：《经济研究》2022年第2期175-191,共17页Economic Research Journal

基　　金：国家社会科学基金重大招标项目(20&ZD080);国家自然科学基金项目(71403250);浙江省自然科学基金项目(LY19G030017);浙江财经大学现代经济学研究中心的资助。

摘　　要：“微观企业投资的非平滑性特征能否对财税货币政策的宏观经济效应产生重要影响”是宏观经济学研究中的一个重要前沿问题。以中国减税政策实践为研究对象,本文构建了嵌入有效税率差异和非凸性投资成本函数的异质性企业随机动态一般均衡模型。该模型不但能够准确地刻画非平滑性特征,更能够拟合出与代表性微观实证文献相一致的投资价格弹性。研究发现,非平滑性能够显著影响减税的宏观经济效应,相比于不考虑非平滑性特征的代表性企业模型,基准模型中的宏观经济效应显著增强。机制分析发现大小规模企业群体间的有效税率差异是投资价格弹性的一个重要影响因素,其通过抑制投资价格弹性强化了非平滑性的影响。政策分析表明,降低消费型增值税税率和企业所得税税率的产出乘数均显著大于1,提高企业投资的可逆性程度能够有效地增强减税的刺激效率。Is the lumpy pattern of micro-level investment relevant to macroeconomic effects of fiscal and monetary policies? Some recent papers have explored this issue deliberately in general equilibrium(Miao & Wang,2014;Koby & Wolf,2020;Winberry,2021).The latest theoretical insight reveals that the elasticity of investment with respect to changes in the cost of and the return to investment is a sufficient statistic that determines the impact of micro-level lumpiness on the aggregate effects of monetary and fiscal stimulus to a great extent(Koby & Wolf,2020).However,the price elasticity of investment is a comprehensive economic indicator that is influenced by many factors,such as taxation structure and financial development.To gain insights that have important policy implications,researchers need to further explore its determinants in a general equilibrium setting.In other words,the key point is to construct a general equilibrium model that can produce price elasticity of investment in line with empirical facts.Considering that China has implemented a series of relatively large-scale tax reduction policies in recent years and has an imperfect factor market,this paper develops a heterogeneous firm model to explore this issue by studying the macroeconomic effects of tax reduction in China.This model has two important ingredients:one is the different effective tax rates between large firms and small firms,and the other is the augmented adjustment-cost function developed by Abel & Eberly(1994).In China,due to a number of reasons such as tax collection and management,multiple tax rates,and incomplete deduction chains,there are significant differences in effective tax rates between large and small firm groups(Fan & Tian,2013;Lyu et al.,2020).The difference in effective tax rates will inevitably distort resource allocations across heterogeneous firms.The basic mechanism in a heterogeneous firm model is resource allocations,and investment is the flow of resources.Therefore,it is not a stretch to speculate that the difference in ef

关 键 词：非平滑性 广延边际效应 投资价格弹性 有效税率差异 

分 类 号：F279.2[经济管理—企业管理] F275[经济管理—国民经济] F812.42