减税降费与企业高质量发展——来自全要素生产率的证据  

Tax and Fee Reduction and High-quality Development of Enterprises:Evidence from Total Factor Productivity

作　　者：晏国菀[1] 夏雪 YAN Guowan;XIA Xue(School of Economics and Business Administration,Chongqing University,Chongqing 400030,China)

机构地区：[1]重庆大学经济与工商管理学院,重庆400030

出　　处：《当代经济科学》2023年第2期119-130,共12页Modern Economic Science

基　　金：国家社会科学基金重点项目“新时代资本市场背景下去产能的会计财务研究”(18AGL009);国家自然科学基金青年项目“独立董事‘纵向联结’研究:成因、治理机制与经济后果”(72102209)。

摘　　要：减税降费是否能对中国实体经济发展产生积极影响,是中国制定经济发展战略、实施宏观调控的重点关注问题。从企业全要素生产率视角,利用双重差分法实证检验减税降费政策对企业高质量发展的影响。研究发现,实施重大减税降费政策地区的企业全要素生产率显著上升,“减税”和“降费”对企业全要素生产率均存在正向影响。进一步研究发现,减税降费影响企业全要素生产率的主要机制是提高企业创新水平和资源配置效率。从企业内外部特征来看,处于财政效率较高地区和“一带一路”沿线地区的企业,以及非国有企业和小规模企业,减税降费对其全要素生产率的积极影响更强。因此,应制定契合企业高质量发展的减税降费政策,强化降费举措和政策指向性,避免“一刀切”或“单一模式”。At present,China’s economy has transitioned from a stage of rapid growth to a stage of high-quality development,which largely hinges on the development of micro-enterprises.Tax and fee reduction policies are not only intended to reduce the burden on enterprises,but also to meet the requirements of macroeconomic growth and economic structural adjustment.Existing literature has primarily focused either on the direct impact of tax and fee reduction policies on innovative enterprise behavior or on the economic effects of financing constraints from the perspective of capital environment.However,there is still a lack of comprehensive research on the relationship between the tax and fee reduction policies and high-quality development of enterprises.This paper uses the provincial financial data and the financial data of A-share listed companies from the CSMAR database to investigate the impact of tax and fee reduction policies on corporate total factor productivity.Using the difference-in-differences method,we analyze the data from 2012 to 2019,with a sample of A-share listed companies in China.This study finds that the total factor productivity of listed enterprises in regions which have implemented major tax and fee reduction policies significantly improves in comparison to regions that have not.This study also finds that both the tax reduction policies and the fee reduction policies have a positive impact on total factor productivity,and the main mechanisms is to improve innovation and resource allocation efficiency.Furthermore,tax and fee reduction policies have a larger impact on the total factor productivity of enterprises in provinces with higher fiscal efficiency and provinces along the Belt and Road initiative.Besides,state-owned enterprises and smaller enterprises are more affected by tax and fee reduction policies in terms of total factor productivity.Compared with existing literature,this paper contributes in three aspects.First,from the perspective of corporate output,it systematically examines the impact

关 键 词：减税降费 全要素生产率 企业创新水平 资源配置效率 高质量发展 双重差分模型 

分 类 号：F812.42[经济管理—财政学] F279.2