税收分成、财政激励与制造业企业活力——来自“增值税分成”改革的证据

Tax Sharing,Fiscal Incentive and Vitality of Manufacturing Enterprises:Evidence from China’s VAT Sharing Reform

作为中国政府间财政关系的重要维度,税收分成是观察政府与市场关系的重要视角。本文基于2016年的"增值税分成"改革,构造了强度DID模型,采用上市公司数据,实证检验了增值税分成改革产生的财政激励对制造业企业活力的影响。研究发现,增值税分成改革使地方政府发展制造业的财政收益提高,显著提升了制造业企业活力;增值税分成产生的财政激励通过降低企业税负,激发了企业活力。进一步分析表明,增值税分成改革对企业活力的促进作用,对创新驱动型企业、位于财政自给率更高地区的企业效应更大。本文的研究丰富了税收分成激励理论方面的文献,同时对于优化政府促进企业发展的方式、处理好政府与市场的关系具有政策价值。

As an important dimension of China’s intergovernmental fiscal relationship,tax sharing is an important perspective to observe the relationship between the government and the market.This paper explores the impact of fiscal incentives generated by the reform of VAT sharing on the vitality of manufacturing enterprises by using the data of listed companies and an intensity DID model.The study finds that the reform of VAT sharing increases local governments’fiscal revenue from manufacturing enterprises and improves the vitality of manufacturing enterprises.This conclusion is still valid under a series of robustness tests.Encouraged by fiscal interests,local governments stimulate business vitality by reducing corporate tax burdens.Further analysis shows that the promotion effect of reform on enterprise vitality mainly concentrates on innovation-driven enterprises and enterprises located in regions with great output per unit area.The research of this paper not only enriches the literature on the tax sharing incentive theory,but also has policy value for optimizing the way the government promotes corporate development and better handling the government-market relationship.