融资约束、企业异质性与增值税减税的政策效果  

Financing Constraints,Firm Heterogeneity and the Policy Effect of VAT Reduction

作　　者：梅冬州[1] 杨龙见 高崧耀 MEI Dong-zhou;YANG Long-jian;GAO Song-yao(School of International Trade and Economics CUFE,Beijing 100081,China;School of Public Finance and Taxation CUFE,Beijing 100081,China;China Academy of Economics and Management CUFE,Beijing 100081,China)

机构地区：[1]中央财经大学国际经济与贸易学院 [2]中央财经大学财政税务学院 [3]中央财经大学中国经济与管理研究院

出　　处：《中国工业经济》2022年第5期24-42,共19页China Industrial Economics

基　　金：国家社会科学基金重大项目“实质性减税降费与经济高质量发展研究”(批准号19ZDA069);国家自然科学基金面上项目“房价调控、地方政府债务与系统性金融风险”(批准号72073149)。

摘　　要：在新冠肺炎疫情造成中国经济增速放缓的背景下,如何最大化减税的经济刺激效果,是当前宏观政策关注的焦点问题。本文通过建立一个包含多部门的DSGE模型,分析了增值税减税的作用路径及其效果,并将其与消费券、政府购买等其他提振经济的政策进行对比。研究发现,增值税减税对企业和宏观经济的影响效果与企业面临的融资约束高度相关。由于非国有企业面临较强的融资约束,增值税减税能够提高非国有企业的净值,通过“金融加速器”效应,降低其外部融资成本,使其增加投资。对于非国有企业,由于其用于形成资本的投资品主要由国有企业提供,增值税减税在带来非国有企业投资增加的同时,也会带动国有企业产出的扩张。而对于国有企业,由于其受到的借贷约束较弱,税收减免即使改善了其净值,也不会影响其投资行为,对整个经济的拉动作用相对较小。总体而言,在相同的减税额度下,对非国有企业的增值税减税带来的总产出提升效果最优,发放消费券次优,而增加政府购买对产出的带动效果则非常有限。本文的研究表明,在深刻理解财政政策对经济影响的传导链条以及不同政策效果后,减税政策才能助力经济提质增效。Under the background of economic slowdown caused by COVID-19,how to maximize the effect of tax cuts and fee reductions on economic stimulus is the focus of current macro policies.This paper establishes a multi-sector DSGE model and analyzes the path as well as the effect of cutting taxes,which is then compared with other economic stimulus policies such as consumer coupons and government purchases.This paper finds the impact of cutting taxes on enterprises and the macro economy is highly related to the financing constraints faced by enterprises.As non-state-owned enterprises face strong financing constraints,value-added tax reduction can increase the net worth of non-state-owned enterprises,and reduce their external financing costs and increases investment through the financial accelerator effect.For non-state-owned enterprises,since the investment products used to form capital are mainly provided by state-owned enterprises,cutting taxes will not only increase the investment of non-state-owned enterprises,but also stimulate the expansion of state-owned enterprises’output.As for state-owned enterprises,because they are subject to weak borrowing constraints,their investment behavior will not be affected even if their net worth is improved by tax reductions,and their effect on the overall economy is relatively small.In general,under the same tax deduction amount,value-added tax reduction for non-state-owned enterprises has the best effect on improving total output,the issuance of consumer coupons are the second-best,and the effect of increasing government purchases on output is very limited.The results show that the tax reduction policy can help improve the quality and efficiency of the economy only after a deep understanding of the transmission chain of the impact of fiscal policy on the economy and the effects of different policies.

关 键 词：借贷约束 增值税减税 金融加速器 企业异质性 

分 类 号：F124[经济管理—世界经济]