税制改革、金融发展与河南省工业企业绩效研究

Research on Tax Reform,Financial Development and the Performance of Industrial Enterprises in Henan Province

基于税收优化与金融支持均对工业企业发展产生深刻影响的理论预期,选用河南省2008—2018年规模以上工业企业相关数据,运用面板模型分规模、分所有制实证研究发现,增值税对国有企业产出与绩效具有负向影响,对非国有企业绩效作用为正;营业税对所有企业绩效均为负向影响;所得税显著抑制小微型以及非国有企业绩效,但对大型企业未见显著影响。“营改增”对非国有企业产出与绩效均具有显著推动作用。样本期间所有企业均面临严重金融约束,“营改增”与金融发展协同作用显著促进非国有企业产出增长,但对国有企业作用截然相反。推动地区工业绩效提升,需要金融供给侧改革与税制改革双策并举。

Based on the theoretical expectation that both tax optimization and financial support will have a profound impact on the development of industrial enterprises,this paper selects the relevant data of industrial enterprises above designated size in Henan Province from 2008 to 2018,and uses the panel model to analyze the scale and ownership of industrial enterprises,the study found that value added tax has a negative impact on the output and performance of state-owned enterprises,and has a positive effect on the performance of non-state-owned enterprises;business tax has a negative impact on the performance of all enterprises;income tax significantly inhibits the performance of small,micro and non-state-owned enterprises,but has no significant impact on large-scale enterprises."Replacing business tax with value-added tax"has a significant effect on the output and performance of non-state-owned enterprises.During the sample period,all enterprises are faced with severe financial constraints.The synergistic effect of"replacing business tax with value-added tax"and financial development significantly promotes the output growth of nonstate-owned enterprises,but it has opposite effect on state-owned enterprises.To promote the improvement of regional industrial performance,financial supply side reform and tax system reform should be carried out simultaneously.