实际税负、税种差异与民营制造业企业全要素生产率

Actual Tax Burden,Tax Difference and Total Factor Productivity of Private Manufacturing Industry

本文运用2012~2019年民营制造业上市公司数据,实证分析民营制造业上市公司实际税负与全要素生产率之间的内在关联,研究证明了实际税负降低能够促进民营制造业上市公司全要素生产率提高。考虑到税种差异,发现间接税的减税效应对民营制造业上市公司全要素生产率的提高更为显著,而所得税减税的生产率提升效应较弱。基于成长性和资产规模的不同,研究发现,资产规模大的公司对间接税减税的敏感度更高,而高成长和小规模公司对所得税减税的敏感度更高。进一步研究发现,减税有利于企业实现规模经济,进而提升全要素生产率。本文认为,减税政策应综合考虑税种和企业的异质性特征,以更好地提高政策的实施效果。

This paper uses the data of private manufacturing listed companies from 2012 to 2019 to empirically analyze the inherent relationship between the actual tax burden and total factor productivity of private manufacturing companies,and the study proves that the reduction of the actual tax burden can promote the total factor productivity.Considering the difference in tax types,it is found that the tax reduction effect of indirect tax has the more significant increase in the total factor productivity of private manufacturing listed companies,while the productivity improvement effect of income tax reduction is weaker.Based on the difference in growth and asset size,the study finds that companies with large assets are more sensitive to indirect tax reductions,while high-growth and small-scale companies are more sensitive to income tax reductions.Further research finds that tax reductions are conducive to achieving economies of scale for enterprises,thereby increasing total factor productivity.This paper believes that the tax reduction policy should comprehensively consider the heterogeneity characteristics of taxes and enterprises to better improve the implementation effect of the policy.