减税降费与宏观政策搭配  

Tax and Fee Reduction and Macro Policy Coordination

作　　者：高崧耀 梅冬州[2] 马振宇 Gao Songyao;Mei Dongzhou;Ma Zhenyu(China Economics and Management Academy,Central University of Finance and Economics;School of International Trade and Economics,Central University of Finance and Economics)

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

出　　处：《经济科学》2023年第1期44-62,共19页Economic Science

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”(项目编号: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”(项目编号:72073149);中央财经大学科教融合研究生学术新星孵化计划“减税降费的效果评估与宏观政策搭配”(项目编号:202240)的阶段性成果。

摘　　要：本文通过构建一个多部门的动态随机一般均衡(DSGE)模型,分析减税降费的作用路径和效果,挖掘提升其效果的最优策略和政策搭配措施。研究发现,一方面,减税降费的效果与企业融资约束程度高度相关,对于融资约束较强的企业,减税降费改善了企业净值和借贷成本,并通过“金融加速器效应”撬动了企业投资和产出提升,而对融资约束较低的企业减税降费政策拉动作用则相对较小。另一方面,如果大量依靠政府债务来支撑,减税降费可能会抬高市场利率、挤出企业投资。为了减缓这种挤出效应,应通过降低存款准备金或者对金融机构财政注资,降低企业融资成本。We construct a multi-sector DSGE model to analyze the effect and mechanism of tax cut and fee reduction, and further explore the optimal strategies and supporting policy measures to improve the effectiveness of tax cut and fee reduction. On the one hand, we find that the effect of tax cut and fee reduction is highly related to the enterprise’s financing constraints. For enterprise with strong financing constraints, tax cut and fee reduction have improved their net worth and borrowing costs. Through the financial accelerator effect, it has leveraged the increase in enterprise’s investment and output. However, tax cut and fee reduction policies have a relatively small effect on the enterprise with lower financing constraints. On the other hand, if tax cut and fee reduction rely heavily on government debt, it may raise market interest rates and crowd out enterprise’s investment. To slow down this crowding-out effect, enterprise’s financing costs should be reduced by reducing deposit reserves or providing more financial capital to financial institutions.

关 键 词：减税降费 融资约束 债务融资 金融加速器 

分 类 号：F812[经济管理—财政学]