小微企业减税政策的税收归宿研究——基于资本劳动要素视角  

The Tax Incidence of Tax Reduction Policy for Small and Micro Enterprises:A Capital-Labor Factor Perspective

作　　者：陈凌庆 刘蓉[2] 邓兴华 CHEN Lingqing;LIU Rong;DENG Xinghua(Sichuan University,Chengdu,China;Southwestern University of Finance and Economics,Chengdu,China)

机构地区：[1]四川大学经济学院,610065 [2]西南财经大学财政税务学院,611130 [3]西南财经大学国际商学院,611130

出　　处：《经济学动态》2025年第1期78-93,共16页Economic Perspectives

基　　金：国家社会科学基金重大项目“大规模减税降费的效应评估与政策优化研究”(20&ZD078);成都市哲学社会科学规划一般项目(2024BS034)。

摘　　要：科学评估减税政策的受益归宿问题,对于促进资本和劳动要素的良性循环以及提升减税政策的效果具有重要意义。本文聚焦于小微企业减税政策实施后,资本和劳动要素的收入与结构变化,旨在探讨减税政策的税收归宿效应。通过构建理论模型和进行实证分析,本文发现小微企业减税政策能够显著提升企业的资本劳动比,同时降低其劳动收入份额。异质性分析显示,该减税政策在新设企业、私营企业、存在研发活动的企业以及非垄断行业中,对资本和劳动要素的分配效应更为显著。机制分析表明,减税政策实施后,企业的现金利润增加,促进了固定资产投资,并对劳动要素产生了替代效应,这是导致资本和劳动要素收入与结构变化的直接原因。本文的结论表明,减税政策推动我国小微企业向资本密集型而非劳动密集型方向发展,为明确减税政策的受益归宿和培育新质生产力提供了理论依据和实证经验。Tax incidence is one of the most significant issues in contemporary public economics.Accurately evaluating whether capital or labor bears the burden during taxation and identifying who ultimately benefits from tax reduction is crucial for optimizing tax policies and establishing a sustainable tax system.China has conducted a massive tax cut policy in the last decade.Enterprises,as key actors in market economies,play a critical role in optimizing the combination of labor and capital while fostering new quality productive forces.According to Marxist economics,labor income is a fundamental expression of the value of labor power,and fluctuations in labor income directly shape overall demand and economic growth.Adjusting the labor income share thus becomes an important driver in shaping the income distribution of factors within firms.According to the de La Grandville hypothesis,a higher elasticity of substitution between labor and capital helps spur economic growth.Under structural frictions in the labor market and the limited space for additional tax reductions,clarifying how tax benefits are distributed between capital and labor in the process of tax reduction and promoting a virtuous cycle between these two factors are of great importance for enhancing the effects of tax cuts and cultivating new-quality productive forces.A deeper exploration of who truly benefits from tax reduction sheds light on both the academic and policy implications for constructing an equitable and efficient taxation system.This paper examines the mechanism through which tax cuts influence labor and capital by building a theoretical model to capture the impact of tax policies on labor and capital factors.Using the half-collecting corporate income tax policy for small and micro enterprises as a quasi-natural experiment,this paper employs a difference-in-differences(DID)approach to explore how tax cuts affect the structure and income of labor and capital.Our findings reveal that the half-collecting tax reduction policy leads to an increase in t

关 键 词：小微企业减税 税收归宿 劳动收入份额 资本劳动比 

分 类 号：F276.3[经济管理—企业管理] F812.42[经济管理—国民经济]