金融发展、税收中性与企业税负  

Financial Development,Tax Neutrality and Enterprise Tax Burden

作　　者：张凯强 Zhang Kaiqiang(National Academy of Economic Strategy,Chinese Academy of Social Sciences,Beijing 100006,China)

机构地区：[1]中国社会科学院财经战略研究院,北京100006

出　　处：《金融发展研究》2024年第1期13-24,共12页Journal Of Financial Development Research

基　　金：国家社会科学基金青年项目“近几年减税降费政策效果评估研究”(20CJY058);中国社会科学院重大创新项目“提高人民生活品质,完善全社会基本公共服务体系研究”(2023YZD024)。

摘　　要：“十四五”规划指出要健全符合高质量发展要求的财税金融制度。本文关注税收中性和税收稳定器在微观企业的实践和表现,以阐述和论证金融发展对企业实际税收负担的影响机制。基于内生经济增长模型,引入金融发展和企业投资成本的概念,进行理论分析发现,在中国经济的实际特征下,随着金融发展程度的提高,地方政府通过降低企业的实际税率来扩大企业产出,从而推动社会福利最优化。经验证据表明,较高金融发展水平使企业融资成本降低,鼓励企业选择债务融资机制,有利于降低企业投资成本,提高企业经济效益和利润。这也有利于地方政府增加税收收入,缓解财政压力,并进一步降低企业税负,从而再次推动企业产出的扩大。研究结果表明,当金融发展水平提高10%,该地区企业所得税、增值税和总体税负的实际税率将分别减少1.59%、0.76%、1.02%。本文的结论可为壮大市场主体、提升政府宏观治理能力以及深化财税金融体制改革提供参考和建议。"The Fourteenth Five-Year Plan"states that a sound fiscal and financial system that meets the requirements of high-quality development is needed.This paper focuses on the practice and manifestation of tax neutrality and tax stabilizers in microenterprises in order to elaborate and demonstrate the mechanisms by which financial development affects the actual tax burden of firms.Based on the endogenous economic growth model,the concepts of financial development and enterprise investment costs are introduced,and a theoretical analysis reveals that under the actual characteristics of the Chinese economy,with the increase in the degree of financial development,the local government expands the output of enterprises by lowering the effective tax rate of the enterprises,which in turn promotes the optimization of social welfare.Empirical evidence suggests that higher levels of financial development reduce the cost of corporate finance and encourage firms to opt for debt financing mechanisms,which contribute to lowering the cost of corporate investment and increasing corporate economic efficiency and profitability.It also facilitates local governments to increase tax revenues,easing fiscal pressures and further reducing the corporate tax burden,thus again contributing to the expansion of corporate output.The results of the study show that when the level of financial development is increased by 10 percent,the effective tax rates of corporate income tax,value added tax and overall tax burden in the region will be reduced by 1.59 percent,0.76 percent and 1.02 percent,respectively.The conclusions of this paper can provide references and suggestions for growing market players,improving the government's macro-governance capacity,and deepening the reform of the fiscal and financial system.

关 键 词：金融发展 税收中性 企业税负 实际税率 财政金融协调 

分 类 号：F830[经济管理—金融学]