增值税转型、税收激励与企业绿色发展  

VAT Reform,Tax Incentives and Firm Green Development

作　　者：李震 王贝贝 曹云辉 Li Zhen;Wang Beibe:;Cao Yunhui(School of Economics and Management,Beijing University of Posts and Telecommunications,Beijing 100876,China;School of Economics,Dongbei University of Finance and Economics,Dalian 116025,China;The Wan Yanan Institute for Studies in Economics,Xiamen University,Xiamen 361005,China)

机构地区：[1]北京邮电大学经济管理学院,北京100876 [2]东北财经大学经济学院,辽宁大连116025 [3]厦门大学王亚南经济研究院,福建厦门361005

出　　处：《财经研究》2023年第5期109-123,153,共16页Journal of Finance and Economics

基　　金：教育部人文社会科学研究青年基金项目(22YJC790067);中央高校基本科研业务费专项资金资助项目(2022RC60)。

摘　　要：构建绿色发展的税收政策体系是推动经济发展方式绿色转型的重要举措,如何使二者实现政策协同具有重要的理论与现实意义。文章利用中国工业企业财务与污染排放的匹配数据库,借助2009年企业增值税转型改革在全国范围内的推广,理论分析并实证考察了固定资产增值税抵扣改革引致的税收减免激励对企业生产方式绿色转型的影响。研究发现,增值税转型改革显著降低了企业的污染排放强度,稳健性与安慰剂检验为结论提供了可靠证据。异质性分析表明,增值税转型改革对较高污染行业、非出口企业以及在位企业的减排效应更明显。影响机制检验发现,税收减免激励使企业得以快速更新设备与技术投资,并提升污染治理能力以应对环境规制压力。同时,增值税转型改革与环境规制之间存在较强的政策协同效应,前者能显著增强后者的实施效果。此外,文章还推算了税收减免激励对企业绿色发展的作用弹性,资本税后成本每下降1%,企业排污强度下降0.71%-1.64%。文章的研究结论为当前中国减税降费以及经济发展方式绿色转型提供了经验证据。Promoting the green transformation of development mode is an important link in achieving high-quality development.At the same time,tax incentives have played a positive role in stimulating market vitality and assisting in the rescue of firms.So,is the growth effect of tax reduction“environmentally neutral”?That is,will tax incentives promote the green transformation of production mode while promoting firm investment?This paper incorporates firm emission behavior into the standard neoclassical after-tax investment model.From the theoretical level,it demonstrates that the impact of VAT reform on firm emissions will depend on the degree of substitution and complementarity between capital investment and pollutant by-products.If the scale effect and cleaner production effect of new capital on firm emission behavior are large enough,there is a substitution relationship between capital investment and pollutants.That is,the VAT reform will reduce firm emission intensity and promote green development.Then,this paper empirically investigates how China's VAT reform in 2009 affected the green transformation of production mode based on the financial and emission database of industrial firms during 2005-2013.Empirical evidence shows that the VAT reform significantly reduces firm emission intensity.That is,tax incentives arising from the VAT reform significantly promote firm green development.Heterogeneity analysis shows that tax incentives have a more obvious emission the monopoly profit margin and information asymmetry of enterprises with a high monopoly degree.The heterogeneity test finds that the inhibitory effect of the Anti-monopoly Law on employee wages is mainly reflected in enterprises in industries with a weak degree of market competition,enterprises in regions with a low degree of administrative intervention,state-owned enterprises,and enterprises with a high tax scale.The marginal contributions of this paper are mainly as follows:(1)It examines the impact effect of the implementation of the Anti-monopoly Law on

关 键 词：投资税收激励 企业污染排放强度 绿色发展 增值税转型改革 

分 类 号：F424[经济管理—产业经济]