个税减免与企业薪酬策略  

Personal Income Tax Reduction and Corporate Compensation Strategies

作　　者：唐珏 郭长林[1] Tang Jue;Guo Changlin(School of Public Economics and Administration,Shanghai University of Finance and Economics)

机构地区：[1]上海财经大学公共经济与管理学院

出　　处：《管理世界》2024年第5期71-86,共16页Journal of Management World

基　　金：国家自然科学基金项目(72204154、72373091、71873083);上海市教育发展基金会和上海市教育委员会“曙光计划”;上海财经大学创新团队支持计划的资助。

摘　　要：税收归宿理论认为,税收最终归宿取决于要素供给弹性和需求弹性,而非法定归宿人。已有较多文献围绕企业税负和消费税展开了研究,然而个人所得税是否适用于该理论,现有文献鲜有讨论。本文利用中国2018年个人所得税改革这一外生冲击,使用上市公司数据和强度双重差分法,回答了该问题。本文发现个人所得税减免政策实施后,企业会通过下调薪酬增长率分享个人所得税减免红利。上述结果在劳动供给弹性小、需求弹性大的组别中更为明显,这说明税收归宿理论适用于个人所得税。薪酬增长率下调主要是由工资和奖金这部分应税薪酬驱动,基本养老保险、医疗保险和年金等非应税薪酬的增长率未发生显著变化。异质性分析表明,在融资约束高、业务发展快及劳动密集型组别中,薪酬增长率因个人所得税减免而下降幅度更大。本文不仅拓展了中国税收归宿相关文献的研究视角,丰富了个人所得税经济后果这一支文献,且也有助于更为全面认识个人所得税的收入分配效应,对相关制度改革有一定的借鉴意义。According to the theory of tax incidence,the ultimate incidence of taxation depends on the elasticity of factor supply and demand elasticity,rather than the statutory incidence.While there has been considerable research on corporate tax and consumption tax,there is limited discussion in the existing literature on whether personal income tax applies to this theory.This paper addresses this question by exploiting the exogenous shock of the 2018 personal income tax reform in China,and using data from listed companies and the intensity difference-in-differences method.The study finds that after the implementation of personal income tax relief policies,companies share the benefits of tax relief by reducing compensation growth rates.This result is more pronounced in groups with low labor supply elasticity and high demand elasticity,indicating that the tax incidence theory applies to personal income tax.The decline in compensation growth rates is mainly driven by wages and bonuses which are taxable compensation,while there is no significant change in the growth rates of non-taxable compensation such as basic pension insurance,medical insurance,and annuities.Heterogeneity analysis shows that in groups with high financing constraints,rapid business development,and labor-intensive companies,compensation growth rates decline more significantly due to personal income tax relief.This paper not only expands the research perspective of tax incidence-related literature in China but also enriches the literature on the economic consequences of personal income tax.It also contributes to a more comprehensive understanding of the income distribution effects of personal income tax and provides some reference for reforming the personal income tax system.

关 键 词：个人所得税 税收归宿 薪酬 

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