基础设施REITs推进共同富裕的现实逻辑与税收支持政策优化路径:基于财政投融资的视角  

The Realistic Logic and the Optimization Path of Tax Support Policy for Infrastructure REITs to Promote Common Prosperity:From the Perspective of Fiscal Investment and Financing

作　　者：白彦锋 张丹昱 Bai Yanfeng;Zhang Danyu

机构地区：[1]中央财经大学财政税务学院

出　　处：《经济研究参考》2022年第12期73-93,共21页Review of Economic Research

基　　金：国家社科基金重大项目“实质性减税降费与经济高质量发展”(No.19ZDA070)。

摘　　要：党的二十大报告指出,共同富裕是中国特色社会主义的本质要求。那么当前我国基础设施领域不动产投资信托基金(REITs)的发展对共同富裕目标的实现会带来怎样的影响?本文基于财政投融资视角,立足基础设施REITs的财政融资工具和财政投资财源的两种角色,从共同富裕的“富裕”、“共享”和“全面发展”三层内涵出发,阐述基础设施REITs对共同富裕的促进作用并对现有支持基础设施REITs发展的税收政策提出优化建议。结论显示,基础设施REITs作为财政融资工具,一方面有助于防范债务融资方式与经济周期的共振风险,发挥逆周期调节作用,平稳经济运行;另一方面,能够拓展居民的投资渠道,实现经济发展成果的共享。同时,基础设施REITs在盘活存量资产过程中为地方政府筹集资金再投资于各类新增优质基础设施资产,对“富裕”、“共享”和“全面发展”层面的共同富裕都发挥了积极推动作用。然而,当前我国针对基础设施REITs出台的税收政策仍然存在不足之处,本文进一步针对具体问题提出完善基础设施“反向剥离”税收政策、补充基础设施REITs退出阶段税收优惠政策,以及做好与已有税收政策衔接三方面政策建议。Report to the 20th National Congress of the Communist Party of China states that achieving common prosperity is a defining feature of socialism with Chinese characteristics.What is the impact of the development of infrastructure REITs in China on the realization of common prosperity?From the perspective of fiscal investment and financing,this paper explains the role of infrastructure REITs in promoting common prosperity and provides suggestions for optimizing the existing tax policies to support the development of infrastructure REITs,focusing on the two roles of fiscal financing tools and fiscal investment sources,and considering the three connotations of common prosperity,which is affluence,sharing and comprehensive development.The conclusion shows that infrastructure REITs,as a fiscal financing tool,could help prevent the resonance risk between debt financing and economic cycles,play a counter-cyclical adjustment role and smooth economic operation on the one hand;on the other hand,it could expand the investment channels of residents and realize to share the fruits of economic and social development.Simultaneously,infrastructure REITs raise funds for local governments to reinvest in various new high-quality infrastructure assets,which plays an active role in affluence,sharing and comprehensive development.However,the current tax policies for infrastructure REITs still have shortcomings.This paper further proposes three policy recommendations including improving the tax policies for“reverse divestiture”of infrastructure,supplementing the tax preferential policies for the exit phase of infrastructure REITs,and connecting with the existing tax policies.

关 键 词：基础设施REITs 共同富裕 财政投资 财政融资 

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