减税政策与劳动收入份额:基于增值税改革的研究  

Tax Reduction and Labor Income Share:A Study Based on Value-added Tax Reform

作　　者：余莎 余曼 李芳慧 Yu Sha;Yu Man;Li Fanghui

机构地区：[1]西南财经大学财政税务学院

出　　处：《财政科学》2025年第2期123-140,共18页Fiscal Science

基　　金：西南财经大学光华青年教师成长计划。

摘　　要：增值税改革不仅影响经济运行效率,也会改变要素分配,重塑国民收入分配格局。本文以2018年和2019年增值税改革为切入点,从理论和实证两个方面研究了增值税税率下调政策对企业劳动收入份额的影响。基于企业、家庭和政府三部门的一般均衡模型理论分析表明,改革会降低税率下调行业的劳动收入份额。基于此,本文利用2014—2022年中国上市公司数据,采用双重差分模型实证评估了改革的影响。结果显示,2018年和2019年增值税税率下调使企业的劳动收入份额下降约4.9%。机制检验表明,增值税税率下调政策不仅通过促进资本深化间接挤出劳动收入份额,同时也直接压缩了劳动力的薪酬与雇佣人数。异质性分析发现,政策效应在非国有、资本密集型以及高融资约束的企业中更加明显。最后,本文还考察了企业对员工的教育培训支出在缓解上述负面影响中发挥的作用。本文的研究结论为评估增值税改革的收入分配效应以及如何优化要素收入结构、推进共同富裕提供一些新的政策思路。The value-added tax(VAT)reform not only influences economic efficiency,but also changes the factor allocation,and thus reshapes the national income redistribution.This study focuses on the VAT reform in 2018 and 2019,theoretically and empirically investigating how the VAT rate cut affects firms'labor income share.Based on a general equilibrium model of enterprises,households,and the government,the theoretical analysis shows that this reform will reduce the labor income share in the tax-cut industries.Then this paper uses the data of Chinese listed firms from 2014-2022 and a difference-in-differences(DID)model to empirically examine its impact.It is found that the reduction in the VAT rate will reduce the labor share of the firms by about 4.9%.The mechanism test shows that VAT rate cut would reduce labor income share by capital deepening as well as crowd out total compensation and employment directly.Such negative effect is more pronounced among private,capital-intensive,and high financially-constrained firms.Finally,this study also examines the role of increasing the on-the-job training and education expenditures by enterprises in alleviating the above negative effects.These findings can shed some new insights on optimizing factor income structure and promoting common prosperity.

关 键 词：减税降费 增值税改革 劳动收入份额 

分 类 号：F812.42[经济管理—财政学]