出口退税率差异化的资源误置效应:基于中国制造业生产率动态分解的视角

Misallocation Effect of Tax Rebate Disparity: Based on the Dynamic Mode Decomposition of Chinese Manufacturing Productivity

本文利用2000—2007年中国工业企业数据和海关贸易数据,在量化制造业行业内企业间出口退税率差异化和对生产率进行动态分解的基础上,深入考察了出口退税率差异化对制造业行业资源误置的影响。研究结果表明:出口退税率差异化是导致中国制造业资源误置的重要原因,并且在考虑了不同资源误置衡量方法等因素后,结论依然稳健。异质性检验表明,出口退税率差异化对中国制造业资源误置的影响,因行业要素密集度、行业出口退税强度、所在地区以及行业加工贸易比例的不同而具有显著的异质性。进一步的渠道检验显示,相比于进入效应和退出效应,企业间效应是出口退税率差异化影响行业资源再配置效应的主要途径。上述结论意味着,逐步取消制造业行业出口退税率的差异,对于缓解我国出口部门内部的资源误置、实现出口结构优化升级具有重要的现实意义。

Based on the industrial data and highly disaggregated customs data from 2000 to 2007, this paper measures the tax rebate disparity between firms within the industry and builds a panel data model to analyze the effects of tax rebate disparity on resource misallocation in Chinese manufacturing sectors. The results show that tax rebate disparity is a significant reason that leads to resource misallocation in Chinese manufacturing sectors. After considering the measurement of resource misallocation, the conclusions are robust. Furthermore, the effects of tax rebate disparity on resource misallocation are significantly different among industries with different characteristics, including different factor intensity of the industry, different strength of tax rebate, different regions and different proportion of processing trade. Further channel test shows that, compared to entry effect and exit effect, across firm effect is the main channel by which tax rebate disparity influence the source misallocation in Chinese manufacturing sectors. Policy implication of the paper is that government should reform tax rebate mode, reduce tax rebate dependence and improve industry policy to optimize resource allocation and achieve export upgrading in Chinese manufacturing sectors.