税收优惠会导致企业产能过剩吗?——基于行业投资趋同和企业过度投资双重作用机制检验

May the Tax Preferences Cause Overcapacity of Enterprises?——Test Based the Double Mechanism of Investment Convergence and Overinvestment

论文通过实证检验税收优惠对企业产能利用率的影响机制,讨论产能过剩的形成过程。结果发现,在税收激励下,过度投资是降低产能利用率的部分中介,行业投资趋同是影响企业产能利用率的外在调节机制;但这种调节和中介机制在国有企业和非国有企业作用不同;税收优惠对企业产能利用率的影响从促进到降低要经历一个动态的情境变化过程,只有行业投资趋同程度较高且企业存在严重过度投资时,税收优惠才会导致产能过剩。因此,通过监控行业趋同程度和企业投资效率,精准地实施税收优惠政策,不仅可以通过税收激励提高企业产能利用率,而且可以避免产能过剩。

The paper aimed to explore developing Mechanism about overcapacity of enterprises through testing how tax preference influenced the capacity utilization of enterprises.The findings showed that investment convergence was the external moderator and over-investment was part of the mediator between the tax preference and utilization of enterprise capacity.The roles of the external moderator and mediator was not alike in different property corporations.The influence of tax incentive on utilization of enterprise capacity experienced a dynamic process from promoting to decreasing.Only when higher convergence of industry investment and serious overinvestment had occurred that tax preference was negative to overcapacity significantly.Therefore,supervising the degree of industry convergence and enterprise investment efficiency and implementing targeted tax policies not only can increase the capacity utilization of enterprises but also avoid overcapacity.