减税政策、企业杠杆与金融加速器效应  

Tax Cuts,Corporate Leverage and the Financial Accelerator Effect

作　　者：李玉龙 万建军 Li Yulong;Wan Jianjun

机构地区：[1]山东财经大学财政税务学院 [2]南昌大学经济管理学院

出　　处：《财经科学》2022年第6期121-134,共14页Finance & Economics

基　　金：山东省自然科学基金“地方政府债务风险诱发金融风险的路径和机制研究”(ZR2021QG040)的资助。

摘　　要：本文通过构建包含金融加速器的动态随机一般均衡模型,研究了企业杠杆率通过金融加速器机制与减税政策的相互作用,分析了“金融让利实体经济”的货币金融政策对减税政策实施效果的影响。数值模拟表明,首先,金融加速器机制的存在会放大减税政策对宏观经济主要变量的影响,减税政策的实施增加了企业利润和净值,缓解了企业融资约束及对外部债务的依赖,刺激企业投资和居民消费,使得企业杠杆率、债务违约风险和金融风险下降。其次,中央政府通过实施“金融业让利实体经济”的金融政策会进一步放大减税政策对宏观经济的提振作用。最后,企业杠杆率水平的高低反过来也会影响减税的实施效果,企业初始杠杆率水平越高,减税政策改善企业经营状况和提振宏观经济的作用效果越显著。This paper constructs a dynamic stochastic general equilibrium model including financial accelerator to study the interaction between corporate leverage and tax reduction through the financial accelerator mechanism and analyzes the impact of financial policies such as profit transferred from the financial sector to the real economy.Numerical simulations show that,firstly,the existence of the financial accelerator mechanism will magnify the impact of the tax reduction policy on the main variables of the macroeconomy.The implementation of the tax cuts increases corporate profits and net worth,relieves corporate financing constraints and reliance on external debt,stimulates corporate investment and household consumption,reduces corporate leverage,debt default risk and financial risk.Secondly,the tax cuts will further amplify the boosting effect of on the macroeconomy by the financial policy such as profit transferred from the financial sectors to the real economy.Finally,the level of corporate leverage ratio will in turn affect the effect of tax reduction.The higher the initial leverage ratio of enterprises,the more significant the impact on the improvement of corporate operations and boost of the key macroeconomic variables.

关 键 词：减税政策 企业杠杆率 金融加速器机制 

分 类 号：F810.422[经济管理—财政学]