税种差异、实际税率与企业生产要素需求

Tax Differences,Effective Tax Rate and Demand for Enterprise Production Factors

本文将营业税、增值税和企业所得税纳入统一分析框架,分别探讨不同税种税率对企业要素需求和人均资本的影响。通过建立生产决策模型,本文发现营业税与增值税税率对企业要素需求有负向作用,对人均资本无影响;而企业所得税税率对要素需求、人均资本均无影响;在增值税税制全面实施的背景下,随着资本要素抵扣比例的增加,企业会增加生产要素需求。在计量分析部分,本文使用中国上市公司数据验证了实际税率与生产要素需求的静态关系,并且基于中国“营改增”政策的动态进程构造“准实验”,发现随着企业资本要素抵扣比例的增加,增值税实际税率对企业要素需求的影响变得更加显著,改革试点企业比对照组企业具有更高的生产要素需求,从而从静态和动态两个方面验证了模型结论。

This paper incorporates business tax,corporate income tax and value-added tax(VAT)into a unified analysis framework,and discusses the impact of changes in tax rates on production factor demand and per capita capital.Through the production decision-making model,this paper finds that changes in business tax and value-added tax rates have a negative impact on production factor demand and show no impact on per capita capital,while a change in corporate income tax rate shows no impact on production factor demand and per capita capital.Within the VAT tax implementation framework,an increase in the capital factor deduction ratio leads to an increase in demand for enterprise production factors.Regarding the empirical approach,using long-term data of Chinese listed companies,this paper not only confirms the static relationship between the effective tax rate and the production factor demand,but also constructs a“quasi experiment”based on the dynamic process of the“Business Tax Replaced with VAT”policy.The results show that,with the increase in the deduction ratio of enterprise capital factors,the impact of the VAT effective tax rate on demand for production factors has become more significant,and compared to the control group,the enterprises in the treated group have greater demand for production factors.Empirical results confirm the inferences of the theoretical model from a static and dynamic perspective.