捐赠免税政策能否有效促进企业第三次分配——基于上市公司的经验证据  

Can Donation Tax Exemption be an Effective Means of Promoting the"Third Distribution"?——Based on Empirical Evidence from Listed Companies

作　　者：吴文值 王帅 高洪波 WU Wen-zhi;WANG Shuai;GAO Hong-bo(School of International Economics and Trade,University of International Business and Economics,Beijing 100029,China;Shenzhen Research Institute,University of International Business and Economics,Shenzhen 518055,Guangdong,China)

机构地区：[1]对外经济贸易大学国际经济贸易学院,北京市100029 [2]对外经济贸易大学深圳研究院,广东深圳518055

出　　处：《中国流通经济》2022年第7期107-117,共11页China Business and Market

基　　金：中共广东省委财经委员会一般项目“广东推动共同富裕的政策思路与工作举措研究”。

摘　　要：捐赠免税是目前国内外普遍采用的促进第三次分配的政策手段,但对于捐赠免税政策对第三次分配的作用方向以及时效等,还需要更加深入的探讨。以2008年企业公益捐赠支出税前扣除比例上限由年度应纳税所得额的3%变更为年度利润总额的12%这一政策调整为背景构造准自然实验,基于2006—2020年沪深A股上市公司数据,使用双重差分模型实证分析捐赠免税政策对企业第三次分配的长期影响,发现捐赠免税政策能有力推动企业第三次分配,并对企业产生长期的影响,从广延边际看能增强企业捐赠倾向,从集约边际看能提高企业捐赠强度;捐赠免税政策调整后企业实际税负显著降低,企业捐赠成本明显减少;捐赠免税政策对企业第三次分配的影响存在捐赠文化异质性,地区捐赠文化氛围越浓厚,政策产生的影响越大;赠捐免税政策调整后,企业与政府及社会之间未能形成企业积极捐赠、政府和社会积极支持的良性互动,那些捐赠支出较多的企业,其销售收入、销售收入增长率、所获政府补贴并没有显著增加。为充分发挥捐赠免税政策对第三次分配的促进作用,推动共同富裕目标的实现,一要提高企业公益捐赠支出税收抵免比例,充分发挥税收对企业捐赠的激励作用;二要积极弘扬慈善捐赠文化,充分挖掘以儒家思想为代表的中华民族优秀传统文化在第三次分配中的作用;三要多措并举,积极引导政府和社会以消费的方式支持企业健康发展。Donation tax exemption is the policy means of promoting the"Third Distribution"in and outside of China.But the function direction and effectiveness of that need to be deeply explored.Based on the policy of changing the upper limit of tax deduction for corporate charitable donations from"3%of taxable income"to"12%of total profit"in 2008,using data from listed companies,the authors empirically study the long-term impact of the tax exemption policy reform on the third distribution of enterprises with the help of difference-in-differences model.It is found that:the donation tax exemption reform strongly promotes the third distribution of enterprises,the influence on enterprises will exist for a long time,it can enhance enterprises’intention of donation in terms of extensive margin and improve enterprises’donation strengthen in terms of intensive margin;the reform of donation tax exemption policy significantly reduces the cost of enterprise donation,and the actual tax burden of enterprise is significantly reduced after the implementation of the policy;there is cultural heterogeneity in donation tax exemption policy,the stronger the cultural atmosphere of donation in a region,the greater the impact of the policy on corporate donation;and after the donation tax exemption reform,the positive donation related interaction between enterprises and society was not formed,and the revenue,profitability and government subsidies of enterprises with large donations did not significantly increase.To fully give play to the role of donation tax exemption in promoting the"Third Distribution",and promote the realization of common prosperity,we should,first,increase the proportion of tax exemption of enterprises’public welfare donation,and give full play to the role of tax in encouraging enterprises donation;second,we should develop and expand the culture of public welfare donation,and fully explore the role of fine traditional Chinese culture,which takes confucianism as the representative,in the"Third Distribution";and third,we s

关 键 词：捐赠免税 捐赠成本 捐赠文化 第三次分配 双重差分模型 

分 类 号：F812.42[经济管理—财政学]