普惠性减税与企业内部薪酬差距——来自增值税税率改革的证据  

Inclusive Tax Reduction and Within-firm Pay Gap:Evidence from the VAT Reform

作　　者：赵弈超 刘行[2,3] Zhao Yichao;Liu Hang(School of Economics and Management,Shanxi University,Taiyuan 030006,China;School of Accounting,Dongbei University of Finance and Economics,Dalian 116025,China;Tax Accounting Research Center,Dongbei University of Finance and Economics,Dalian 116025,China)

机构地区：[1]山西大学经济与管理学院,山西太原030006 [2]东北财经大学会计学院,辽宁大连116025 [3]东北财经大学税务会计研究中心,辽宁大连116025

出　　处：《财经研究》2024年第5期64-78,共15页Journal of Finance and Economics

基　　金：国家自然科学基金面上项目“中国制度背景下企业避税指标的若干基本问题研究”(72272025);国家自然科学基金面上项目“国有资本经营预算制度的未预期效应:理论分析与实证检验”(71772029);辽宁省“兴辽英才计划”青年拔尖人才项目(XLYC2007052)。

摘　　要：中国式现代化是全体人民共同富裕的现代化,在推进共同富裕的过程中,财税政策发挥着不可替代的作用。文章以中国从2017年开始实施的增值税税率下调改革为契机,使用双重差分法考察了普惠性减税对企业内部薪酬差距的影响。结果表明,增值税税率改革这一普惠性减税政策显著扩大了企业的内部薪酬差距。机制检验发现,普惠性减税主要通过“收入效应”和“替代效应”两条路径对企业内部薪酬差距产生影响。其中,“收入效应”提高了企业的盈利能力,增加了企业可分配的税后利润;“替代效应”提高了企业的资本回报率,使企业用资本替代劳动,降低了员工的议价能力。进一步地,前者主要影响管理层薪酬,而后者主要影响普通员工薪酬,从而导致高管薪酬提高,普通员工薪酬降低,企业内部薪酬差距扩大。异质性分析显示,普惠性减税对企业内部薪酬差距的影响在产品市场势力较弱、资本密集度较高、小规模的企业和非国有企业中更加显著。拓展性检验表明,普惠性减税在一定程度上导致企业超额薪酬差距扩大。文章的研究不仅为理解税收影响企业内部薪酬差距的内在机理提供了新的证据,也为构建促进共同富裕的现代财税制度提供了参考。In the process of promoting common prosperity,fiscal and taxation policies play an irreplaceable role,so exploring the relationship between taxation and within-firm pay gap has important theoretical and practical significance for building a fiscal and taxation system that promotes common prosperity.However,litter literature focuses on the impact of inclusive tax reduction,and analysis from the perspective of indirect taxes is even rarer.Therefore,this paper attempts to explore the relationship between inclusive tax reduction and within-firm pay gap from the perspective of indirect taxes.Taking China's A-share listed firms from 2014 to 2020 as the sample,this paper empirically examines the impact of inclusive tax reduction on the within-firm pay gap through a quasi-natural experiment of VAT reform.The results show that the inclusive tax incentive effect produced by the VAT reform significantly increases the within-firm pay gap.Mechanism testing shows that inclusive tax reduction mainly affects the within-firm pay gap through the two paths of"income effect"and"substitution effect".Among them,the"income effect"improves the operating conditions of the firm and increases the after-tax profits for distribution;the"substitution effect"increases the return on capital of the firm,thereby reducing the bargaining power of employees.Furthermore,the"income effect"has a stronger impact on management compensation,while the"substitution effect"has a stronger impact on ordinary employee compensation,resulting in an increase in the average salary of executives and a decrease in the average salary of ordinary employees,which leads to the expansion of within-firm pay gap.Heterogeneity analysis shows that the impact of inclusive tax reduction on the within-firm pay gap is more significant in enterprises with weaker product market power,enterprises with higher capital intensity,small-scale enterprises,and non-state-owned enterprises.The contributions and implications of this paper are as follows:(1)It focuses on more general inclusive

关 键 词：税收优惠 普惠性减税 企业内部薪酬差距 增值税税率改革 

分 类 号：F275[经济管理—企业管理] F244[经济管理—国民经济]