税收激励、人力资本投资与企业劳动生产率——来自2018年职工教育经费税前扣除政策的证据  

Tax Incentives,Human Capital Investment,and Corporate Labor Productivity:Evidence from the Tax Deduction Policy on Firms'Employee Education Expenses in 2018

作　　者：叶永卫 陶云清 王琪红 刘兆达 YE Yongwei;TAO Yunqing;WANG Qihong;LIU Zhaoda(School of Public Economics and administration,Shanghai University of Finance and Economics;National School of Development,Institute of Digital Finance,Peking University;Lingnan College,Sun Yat-sen University;School of Finance,Zhongnan University of Economics and Law)

机构地区：[1]上海财经大学公共经济与管理学院 [2]北京大学国家发展研究院、数字金融研究中心 [3]中山大学岭南学院 [4]中南财经政法大学金融学院

出　　处：《数量经济技术经济研究》2023年第5期136-157,共22页Journal of Quantitative & Technological Economics

基　　金：国家社会科学基金重点项目(21AJY011)的资助。

摘　　要：党的二十大报告提出要“坚持教育优先发展、科技自立自强、人才引领驱动”。本文将2018年企业职工教育经费税前扣除政策视为一项准自然实验,利用双重差分方法考察了税收激励如何影响企业人力资本投资进而作用于其劳动生产率。研究发现,职工教育经费税前抵扣比例提高显著促进了企业劳动生产率,而且该效应在税收负担较高、融资约束严重和劳动密集型企业更为明显。作用机制检验表明,该政策显著增加了高素质职工规模,即人力资本升级是该政策促进企业劳动生产率的核心作用机制。进一步讨论还发现,职工教育经费税前抵扣比例提高显著改善了企业经营状况,但对员工工资和劳动收入份额无显著影响。不过,得益于人力资本升级和劳动生产率的提高,企业的创新产出显著增加。本文结论表明,针对企业人力资本投资的税收优惠政策能够精确、有效地激励企业加大人才队伍建设力度,进而推动企业高效发展。In the real policy system,the two most common external incentive methods are the provision of financial subsidies or tax incentives to corporate human capital investment.The former emphasizes the direct financial support to firms'human capital investments,while the latter offers tax deductions for related training expenditures to reduce the human capital cost for firms.Theoretically,although tax deductions are not as effective as direct financial subsidies in compensating for corporate costs in human capital investment,they allow firms to reduce their tax payments based on their expenditure in employee education,thus serving as an effective cost transfer mechanism.More importantly,tax deduction policies allow to avoid the problem of subsidy inefficiency caused by imperfect information disclosure and review systems.However,the majority of existing studies focused on the policy effects of financial subsidies,while the evaluation of the effectiveness of tax incentives is relatively insufficient.In view of this,this study attempts to examine whether the 2018 pre-tax deduction policy for employee education expenses can stimulate firms to increase human capital investment,thereby enhancing labor productivity.Specifically,using the tax deduction policy of firms'employee education expenses in 2018 as a quasi-natural experiment,this study employs the difference-in-differences method to examine how tax incentives affect firm's labor productivity.The results show that the increase in the proportion of tax deductions on employee education expenses significantly improves firm's labor productivity,especially in firms with high tax burden,serious financing constraints,and in labor-intensive firms.The mechanism tests show that this policy significantly increases the scale of high-quality employees,that is,the human capital upgrading mechanism is established.Furthermore,the results also show that the increase in the proportion of tax deductions on employee education expenses significantly improves the firm's business performance,

关 键 词：税收激励 人力资本 劳动生产率 

分 类 号：F812.2[经济管理—财政学]