税收优惠、捐赠成本与企业捐赠

Tax Incentives,Donation Costs and Enterprises' Charitable Donations

2008年新实施的《企业所得税法》将企业捐赠抵税范围由3%提高至12%,本文利用此次政策调整作为外生的自然实验,基于2006-2012年中国民营企业调查数据,运用倍差法(Difference-in-difference,DID)对企业捐赠的抵税动机进行检验。研究发现,新实施的捐赠抵税政策降低了企业捐赠成本,对企业的捐赠力度产生了显著的正向效应,但是对企业捐赠的"扩展边际"影响较小。此外,企业捐赠的抵税效应在捐赠规模较小的企业中更加显著。这些结果解释了2008年以来民营企业捐赠急剧增加的事实,也说明税收优惠政策是促进中国慈善事业发展的重要手段。

China implemented a new Corporate Income Tax Law in 2008 and adjusted the tax credits for donat：ons from 3% to 12% of the total annual profits. This paper uses this change as a natural experi- ment to explore the impacts of preferential tax policies on corporate donations and employs the difference-in- difference （DID） identification to 2006-2012 survey data of private firms in China. The empirical analysis shows that due to the decreasing costs of charitable donations, the new preferential tax policy has a signifi- cant impact on the amount of corporate donations ,but limited effect can be found in the probability of dona- tions. Th,,＂ results also indicate that the effect of tax credits is larger for firms with less donations. These con- clusions ~xplain the rapid growth of private enterprises＇ charitable donations since 2008, and also suggest that the i^referential tax policy is an important means to promote the development of China＇s philanthropy.