横向公平对企业异常投资的治理效应:基于税负不平等的研究  

Governance Effect of Horizontal Equity on Corporate Abnormal Investment:A Study Based on Tax Burden Inequality

作　　者：彭飞[1] 蔡靖 吴华清[3] 陈肖雄 PENG Fei;CAI Jing;WU Hua-qing;CHEN Xiao-xiong(School of Economics,Hefei University of Technology;School of Economics,Shandong University;School of Economics and Management,Southwestern University)

机构地区：[1]合肥工业大学经济学院、工业信息与经济研究中心 [2]山东大学经济学院 [3]合肥工业大学经济学院 [4]西南大学经济管理学院

出　　处：《中国工业经济》2024年第7期142-161,共20页China Industrial 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”(批准号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”(批准号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”的资助。

摘　　要：坚持税负横向公平原则对促进投资合理增长、优化投资时期结构具有重要现实意义。与既有研究普遍关注税收政策激励企业投资的有效性不同,本文创新性地以增值税税负不平等为切入点,探究了横向公平对企业异常投资的影响机制和治理效果。通过构建缴纳增值税的两期投资模型,并基于2009—2021年制造业上市公司数据,进行理论推理和实证检验。结果发现,企业异常投资对增值税税负不平等的边际弹性达4.88%,意味着促进横向公平的税制设计有助于抑制企业异常投资行为。异质性方面,在民营、融资约束较高、成本转嫁能力较弱以及面临较强税收征管的企业中,税负不平等的异常投资效应尤为突出。机制检验表明,增值税税负不平等强化了企业不确定性感知,激发了企业税收筹划动机,加剧了年末投资激增效应。经济后果检验发现,企业对税负不平等的投资时机抉择虽有效地降低了留抵资金占用,但也弱化了投资效率和投资规模,增加了最优投资偏离风险。本文从横向公平角度,系统探索了企业异常投资的税收激励成因与治理方案,为建立更加科学公平的增值税制度、推进高质量发展提供了新的视角和微观证据。As an important driver of economic growth,investment plays a crucial role in highquality economic development.Utilizing fiscal and tax policy instruments to continuously optimize and systematically regulate the timing of corporate investment decisions has become an important task in optimizing supply structures and stabilizing economic operations.Value-added tax(VAT)is a top priority in optimizing China's fiscal and tax system.Because of the complexity of tax system design,the specificity of tax incentives,and the multiplicity of policy objectives,the tax burden inequality among enterprises has been continuously increasing,posing a serious challenge to horizontal equality.However,different from previous studies that focus more on the impact of tax burden inequality from macro perspectives,such as regional or industry levels,this paper explores the impact of tax burden inequality among enterprises in the framework of VAT reform,providing empirical evidence for leveraging the governance effects of horizontal equity.From the perspective of VAT burden inequality,this paper constructs a two-period investment model for VAT payment and uses micro-data of Chinese manufacturing listed companies from 2009 to 2021 to explore the governance effect of horizontal equity on corporate abnormal investment.This paper finds that the marginal elasticity of corporate abnormal investment to VAT burden inequality is 4.88%,implying that the tax system design promoting horizontal equality can significantly inhibit corporate abnormal investment.Mechanism analysis shows that VAT burden inequality reinforces corporate perceptions of uncertainty,stimulates the motivation of tax planning,and exacerbates the year-end investment surge effect.Heterogeneity analysis reveals that the effect of abnormal investment is particularly pronounced in private enterprises,those with higher financing constraints,those with weaker cost pass-through abilities,and those facing stricter tax regulations.Further economic consequence tests show that the year-end co

关 键 词：横向公平 异常投资 税负不平等 不确定性感知 税收筹划 

分 类 号：F275[经济管理—企业管理]