人力资本的税收激励效应:兼论对企业内收入分配的启示  

The Effect of Tax Incentives on Human Capital:Discussion on the Implications for Income Distribution within Enterprises

作　　者：彭飞[1] 徐颖 蔡靖 许文立[2] PENG Fei;XU Ying;CAI Jing;XU Wenli(Hefei University of Technology,230601;Anhui University,230601)

机构地区：[1]合肥工业大学经济学院,230601 [2]安徽大学经济学院,230601

出　　处：《财贸经济》2024年第2期21-37,共17页Finance & Trade Economics

基　　金：国家自然科学基金面上项目“财政压力约束与制造业绿色转型:机制识别与效应评估”(72273038);国家社会科学基金重大项目“新时代背景下我国经济发展质量动态评价及其政策协同研究”(18ZDA064);中央高校基本科研业务费专项资金项目“异质性分权、政府治理与绿色低碳发展:基于中国县域和企业的研究”(JZ2023HGPA0295)。

摘　　要：本文通过建立一个包含要素投入结构与投融资行为的理论模型解析了减税激励对人力资本结构优化的内在机理,并以部分行业增值税税率下调为政策窗口,采用双重差分模型考察了增值税减税对企业人力资本结构优化的影响。研究发现,增值税减税显著促进了企业人力资本结构优化,相当于在改革前的平均水平上提升5.25%。异质性特征显示,东部地区、技术密集型和议价能力较强的企业,人力资本的税收激励效应更为突出。机制证据表明,增值税减税通过投融资效应和要素互补效应促进了企业人力资本结构优化。进一步分析证实,增值税减税通过人力资本结构优化显著改善了企业内收入分配状况。因此,坚持人力资本的税收激励政策对在高质量发展中优化收入分配结构、健全收入分配制度具有指导意义。Human capital serves as an important driver of high-quality economic development,and tax incentives represent a primarily means for enhancing the quality of human capital.Therefore,it is of great practical significance to study the driving effect of tax incentives on human capital.To this end,we firstly constructed a theoretical model encompassing the factor input structure and investment and financing behavior to reveal the intrinsic mechanism of value-added tax(VAT)reduction on the optimization of human capital structure of enterprises.Then,taking the 2018-2019 VAT rate reduction as a quasi-natural experiment,we investigated the effect of tax incentives on human capital using the difference-in-difference model.The empirical results show that the VAT reduction significantly improves enterprises'human capital structure,equivalent to an increase of 5.25%on the average level before the reform.It should be noted that the tax incentive effect was particularly obvious among enterprises in the eastern region,technologyintensive enterprises,and those with stronger bargaining power.The mechanism evidence indicates that VAT reduction leads to strong complementarity between physical capital and highly skilled labor,increasing the scale of employment of highly skilled labor,while the complementarity between physical capital and low skilled labor is weak.Meanwhile,VAT reduction helps improve enterprises'human capital structure by alleviating their internal and external financing constraints and expanding investment.Further analysis shows that VAT reduction improves the internal income distribution within enterprises by optimizing the human capital structure.This study makes the following three main contributions.First,different from previous studies that focused on the impact of VAT reduction on labor demand and R&D innovation,this study clarifies the internal logic of VAT reduction improving enterprises'human capital structure from theoretical and empirical perspectives,considering the factor complementarity and investment

关 键 词：人力资本结构 增值税减税 要素互补 投融资 收入分配 

分 类 号：F812.42[经济管理—财政学]