中国企业融资难的破解路径:基于减税的视角

Solutions to the Financing Difficulties in Chinese Enterprises:From the Perspective of Tax Reduction

融资约束是制约我国企业转型升级的重要瓶颈,减税能否有效缓解企业融资约束直接关系到我国经济的高质量发展。基于2005—2012年中国工业企业微观数据,利用内外资企业所得税税率统一的政策冲击,采用双重差分方法(DID)考察所得税减税对企业融资约束的影响。研究发现,税率降低有效缓解了内资企业的融资约束程度,并且企业初始税负越高,减税效应愈明显;减税效应在非国有企业中高度显著,但由于制度优势,在国有企业这一效应并不明显。分区域看,减税效应存在普适性特点,但西部地区更强;分企业异质性来看,减税对初创和中小企业的融资改善效应更加明显。此结论为深入理解减税对融资约束的影响提供了直接的微观证据,也对推进企业所得税改革和应对国际减税冲击提供了启示。

Financing constraint is an important bottleneck,which has restricted the transformation and upgrading of Chinese enterprises.Whether tax reduction can effectively alleviate financing constraint of enterprises is directly related to the quality of China’s economic development.Based on a natural experiment of corporate income tax reform by unifying the tax rates in 2008,and the micro data of China’s industrial enterprises from 2005 to 2012,this paper explores the effect of tax reduction on the financing constraints of enterprises by DID identification.The results revealthat tax reduction has effectively alleviated the financing constraint of domestic enterprises;the higher the initial tax burden of enterprises,the more the tax reduction effect will be;the effect of tax reduction on non-state-owned enterprises is highly significant,but on stateowned enterprises being less significant due to ownership advantages.The effect is universal by region,but the effect is more significant in the western region.From the perspective of corporate heterogeneity,the effect of tax reduction is more significant on the start-up,small and medium-sized enterprises.This paper not only provides a new micro-foundation for further understanding the impact of tax reduction on financing constraint,but also provides an inspiration for promoting the corporate income tax reform and responding to international tax reduction.