减税激励与异质性投资反应:来自小微企业的证据  

Tax Cuts Incentives and Heterogeneous Investment Responses:Evidence from Micro and Small Enterprises

作　　者：冯晨 刘冰 叶永卫 Feng Chen;Liu Bing;Ye Yongwei(School of Economics and Finance,Xi'an Jiaotong University;School of Public Economics and Administration,Shanghai University of Finance and Economics)

机构地区：[1]西安交通大学经济与金融学院 [2]上海财经大学公共经济与管理学院

出　　处：《管理世界》2023年第11期38-53,共16页Journal of Management World

基　　金：国家自然科学基金青年项目(72303176);中国博士后科学基金面上项目(2023M732821);上海财经大学研究生创新基金项目(CXJJ-2021-345)的资助。

摘　　要：在我国现行的结构性减税政策背景下,探索减税政策对企业的投资效应具有重要意义,尤其需关注对小微企业的实质作用。本文利用一种全新的群聚—双重差分(Bunching-DiD)识别框架,探究了我国针对小微企业的规模性减税优惠对其投资行为的异质性影响。结果发现,减税会促使高应税收入企业在政策门槛处形成群聚,但不具备明显的投资反应,而对于政策目标对象——低应税收入的小微企业而言,其在减税激励下缓解了融资约束压力,具有显著的经营性投资效果。最后,我们还发现此轮减税政策具有较强的普惠性特征,并对小微企业的生产率、就业规模及经营绩效等方面都具有明显作用。本文研究为理解企业减税效应及其异质性投资偏向具有一定价值。Under the background of the current structural tax reduction in China,it is of great significance to explore the investment effect of tax reduction policies on enterprises,especially for micro and small enterprises.This paper uses a new Bunching-DiD identification framework to explore the heterogeneous impacts of China's large-scale tax incentives for micro and small enterprises on their investment behaviors.The results show that tax reduction will promote enterprises with high taxable income to bunch at the policy threshold,but there are no obvious investment responses.For micro and small enterprises with low taxable income,which are the target of the policy,they have relieved the pressure of financing constraints under the incentives of tax reduction,and have significant operational investment effects.Finally,we also find that this round of tax reduction policy has a strong feature of inclusiveness,and has significant effects on the productivity,employment scale and operating performance of micro and small enterprises.This study is valuable for understanding the effect of tax reduction and the heterogeneous investment bias of enterprises.

关 键 词：小微企业 减税激励 Bunching-DiD 投资 

分 类 号：F812.42[经济管理—财政学] F276.3