引导产业发展的财税政策选择——基于上市公司面板数据的分析

A Choice of Fiscal and Tax Policy for Guiding Industrial Development:Based on the Listed Companies' Panel Data

财税政策被认为是激励产业发展的重要备择工具,其中税收优惠、财政补贴均被普遍用于引导产业发展。本文采用上市公司数据比较了所得税、流转税和财政补贴对传统产业和高新技术产业发展的影响效应。研究发现:所得税、流转税和财政补贴对两个产业内企业营业收入的影响路径不同,所得税和财政补贴对于传统产业发展的激励效应比较明显,流转税对高新技术产业激励比较突出。以此为基础,本文认为应当进一步优化财税政策结构,根据产业类型特征采取差异化的财税激励政策,并且充分重视各种工具的统筹和协调。

Fiscal and taxation policy is considered as an important alternative tool to promote industrial development. Tax preferences and fiscal subsidies are widely used to guide industrial development. This paper involves three types of policy tools （corporate income tax, turnover tax and fiscal subsidies）. Using micro data of the listed companies, the paper compares the effects of the three tools on the traditional industries and the hi-tech industries. The results show that the ways the three tools affect the revenues of industries vary. Turnover tax and subsidies have a significant effect on the traditional industries, while the high-tech industries are promoted more efficiently by corporate income tax and turnover tax. On this basis, the paper puts forward a more optimized structure of fiscal policies and the adoption of proper policy tools according to the characteristics of industry types. In addition, much attention should be paid to the integration and coordination of various policy tools.