税收优惠政策与僵尸企业挤出效应--基于上市公司退市风险和创新投入的双重视角

Preferential Tax Policies and the Crowding out Effect of Zombie Enterprises--An Analysis from the Perspective of Enterprise Exit and Innovation Investment

减税降费政策在为正常企业降低成本的同时,一定程度上也会造成僵尸企业市场退出机制的无效化和税收政策的失效。本文从A股正常企业的退市风险和创新投入视角分析僵尸企业对正常企业的挤出效应,以及不同类型税收优惠政策对僵尸企业挤出效应的影响,并利用有调节的中介效应模型对其传导机制进行检验。研究发现,以营改增为代表的普惠性税收优惠政策会扩大僵尸企业对正常企业创新投入的挤出效应,而以高新技术企业认定为代表的选择性资格认定型税收优惠政策能够抑制僵尸企业对正常企业退市风险和创新投入的挤出效应。因此,税收优惠政策在实施过程中应当注重精准性原则,根据企业异质性特征深化税制改革,并进一步完善僵尸企业治理和退出机制。

The policy of tax and fee reduction can reduce the cost of normal enterprises,and it will also cause the invalidation of the market exit mechanism of zombie enterprises and tax policy to a certain extent,as well.This paper analyzes the crowding-out effect of zombie enterprises on normal enterprises from the perspective of delisting risk and innovation investment of normal A-share enterprises,and the impact of different types of tax incentives on crowding-out effect of zombie enterprises,and tests its transmission mechanism by using the moderated mediating effect model.It is found that inclusive tax preferential policies represented by replacing business tax with VAT can increase the crowding out effect of zombie enterprises on normal enterprises’innovation input,while selective qualification recognition tax preferential policies represented by high-tech enterprises can restrain the crowding out effect of zombie enterprises on normal enterprises’delisting risk and innovation input.Therefore,in the implementation process,preferential tax policies should pay attention to the principle of precision,deepen tax reform according to the characteristics of enterprise heterogeneity,and further improve the governance and exit mechanism of zombie enterprises.