结构性减税与企业全要素生产率——基于准自然实验的分析  

Structural tax reduction and enterprise total factor productivity——Analysis based on a quasi-natural experiment

作　　者：赵旭杰[1] 余超 彭晓桐 宁静[3] 张圣哲 ZHAO Xujie;YU Chao;PENG Xiaotong;NING Jing;ZHANG Shengzhe(School of International Trade and Economics,University of International Business and Economics,Beijing 100029,China;School of Statistics,University of International Business and Economics,Beijing 100029,China;Institute of Finance and Economics,Central University of Finance and Economics,Beijing 100081,China;International School of Business&Finance,Sun Yat-sen University,Zhuhai 519082,China)

机构地区：[1]对外经济贸易大学国际经济贸易学院,北京100029 [2]对外经济贸易大学统计学院,北京100029 [3]中央财经大学财经研究院,北京100081 [4]中山大学国际金融学院,广东珠海519082

出　　处：《中国软科学》2022年第10期125-141,共17页China Soft Science

基　　金：国家社会科学基金青年项目“中国式财政分权下的产业结构调整与经济稳增长研究”(17CJY052)。

摘　　要：以固定资产加速折旧优惠政策的实施作为准自然实验,研究结构性减税对企业全要素生产率(TFP)的影响。首先,构建微观主体的投资决策模型解析加速折旧优惠政策的作用机制;然后,以2011—2017年沪深A股制造业和信息传输、软件和信息技术服务业企业作为样本,运用多期双重差分法(DID)识别和检验加速折旧优惠政策这一结构性减税措施对企业TFP的影响路径。研究结果表明,加速折旧优惠政策提升了试点企业的TFP,这一政策效果主要是直接激励了企业增加研发投入来实现的,并且民营企业、大型企业以及初创期、成长期与成熟期企业的研发投入对该政策的积极响应更加突出,而融资约束缓解未能促使企业增加研发投入从而提升TFP。This paper takes the implementation of accelerated depreciation policy for fixed assets as a quasi-natural experiment to study the impact of structural tax reduction policy on the enterprise total factor productivity(TFP).First,an investment decision model for micro-subjects is built to analyze the mechanism of the accelerated depreciation policy.Then,on the basis of accounting data of listed manufacturing enterprises and information transmission,software and information technology service enterprises from 2011 to 2017,a multi-period difference in differences model(DID)is employed to examine the impact of accelerated depreciation policy,one of the structural tax reduction policies,on the enterprise TFP.The results show that the accelerated depreciation policy has improved the TFP of the pilot enterprises.Such an effect is mainly achieved by directly promoting enterprises to increase research and development investment.And private enterprises,large enterprises as well as enterprises in infant,developing and mature stage benefit more from this path.What’t more,easing financial constraints is not able to improve the TFP of the pilot enterprises by promoting enterprises to increase research and development investment.

关 键 词：结构性减税 企业全要素生产率 多期双重差分法 

分 类 号：F810.42[经济管理—财政学] F272.5