人力资本税收激励与员工持股计划  

Human Capital Tax Incentives and Employee Stock Ownership Plans

作　　者：江笑云 宋尚彬 邸洁 汪冲[3] Jiang Xiaoyun;Song Shangbin;Di Jie;Wang Chong

机构地区：[1]上海理工大学管理学院,上海200093 [2]山东财经大学财政税务学院,山东济南250014 [3]上海财经大学公共经济与管理学院,上海200433

出　　处：《上海金融》2024年第10期18-30,共13页Shanghai Finance

基　　金：国家自然科学基金面上项目“地方政府专项债券‘以地偿债’的效应评估与机制创新研究”(批准号:72473093);国家自然科学基金面上项目“中央管控地方建设用地的全要素生产率影响、机制与优化路径”(批准号:71973090)。

摘　　要：健全按要素分配政策制度,优化收入分配,实现共同富裕是中国式现代化的本质要求。本文研究了职工教育经费税前扣除这一人力资本税收激励政策对员工持股计划的影响。研究发现,人力资本税收激励政策显著提高了企业实施员工持股计划的概率,平均增加3.49个百分点。降低员工流失率、激发员工积极性是企业增加人力资本投资后实施员工持股计划的重要机制。异质性分析发现,当企业属于竞争性行业、金融化程度低、处在数字普惠金融发展程度高的地区和人力资源供应多的地区时,人力资本税收激励对企业实施员工持股计划的促进效应更强。进一步分析表明,企业增加人力资本投资并实施员工持股计划能够提升企业全要素生产率和创新水平,企业增加值和员工薪酬实现同步提升。本文结论为通过税收政策激励劳动者获得资本收入提供了新的经验证据,对利用税收、金融政策支持企业实施员工持股计划提供了启示。Improving the policy system of distribution according to factors,optimizing income distribution and realizing common prosperity are the essential requirements of Chinese modernization.This paper studied the impact of the human capital tax incentive policy of pre-tax deduction of employee education expenses on employee stock ownership plans.The study found that the human capital tax incentive policy significantly increased the probability of implementing an employee stock ownership plan by 3.49 percentage points on average.Reducing employee turnover rate and stimulating employee enthusiasm is an important mechanism for enterprises to implement employee stock ownership plan after increasing human capital investment.Heterogeneity analysis shows that when enterprises belong to competitive industries,have low degree of financialization,are located in areas with high degree of digital financial inclusion and high supply of human resources,the promotion effect of human capital tax incentive on the implementation of employee stock ownership plan is stronger.Further analysis shows that increasing human capital investment and implementing employee stock ownership plan can improve the total factor productivity and innovation level of enterprises,and the added value of enterprises and employee compensation can be improved simultaneously.The conclusion of this paper provides new empirical evidence for encouraging workers to obtain capital income through tax policies,and provides enlightenment for supporting enterprises to implement employee stock ownership plans through tax and financial policies.

关 键 词：员工持股计划 人力资本投资 职工教育经费税前扣除 共同富裕 

分 类 号：F812.4[经济管理—财政学]