税收激励、企业有效平均税率与企业进入

Tax Incentives,Corporate Effective Average Tax Rate,and Firm Entry

本文构建一个简单理论模型揭示税收激励影响企业进入的作用机制,然后利用我国2000—2008年间工业企业调查数据和地级市面板数据测算出整个内资、民营和外商投资企业的前瞻性有效平均税率,并以此刻画税收激励,就税收激励对企业进入的影响及其机制作实证分析。研究表明,不同所有制企业存在明显的税收差别待遇:民营企业的有效平均税率最高,外商投资企业最低。降低有效平均税率可显著提升各类企业的进入率,其中对外商投资企业进入的影响最突出;但考虑了个人所得税等其他税种的影响后,税收激励对外商投资企业进入的促进作用明显减弱。税收激励可缓解政府腐败等带来的投资风险对外商投资企业进入以及信贷约束对民营和外商投资企业进入的不利影响,但基础设施条件越好,税收激励对外商投资企业进入的促进作用越弱。

This paper first theoretically explores the mechanisms through which tax incentives affect firm entry, and then studies the effects of tax incentives on firm entry using firm-level data from annual surveys conducted by the National Bureau of Statistics and prefectural-level panel data in China. This paper shows that the effective average tax rate of private firms is the highest, and that of foreign firm is the lowest. A reduction of the effective corporate tax rate can lead to higher entry rates of domestic, private, and in particular of foreign firms. The estimation results also show that tax incentives help weaken both the negative effects of government corrupt on the entry of foreign firm and the negative effects of financial distortions on the entry of private and foreign firms. In contrast, the positive effects of tax incentives on the entry of private and foreign firms decrease with the level of infrastructure.