减税激励、企业规模与资本劳动比

Tax Reduction Incentives,Enterprise Scale,and Capital Labor Ratio

资本深化(资本劳动比的提高)是中国企业转型升级和生产效率提升的重要渠道,但是文献关于中小企业资本深化的研究还不够。本文使用《中国税务局调查数据》,运用双重差分方法(DD),考察固定资产加速折旧政策对不同规模企业资本劳动比的差异性影响,并探究其背后的作用机制以及对生产效率的提升作用。研究发现:首先,政策显著提升了企业资本劳动比,试点企业的资本劳动比非试点企业平均提高了6.7%,中型企业受到政策影响最大,小型企业次之,大型企业基本不受影响。其次,机制研究表明加速折旧政策显著改善了大中小企业现金流,促进中型企业增加投资,促进小型企业使用资本替代低技能劳动,省级宏观数据也发现存在低学历劳动力被替代的现象。最后,政策显著提升了中小企业的生产效率。研究税收激励对不同规模企业资本和劳动的替代关系是优化企业内部要素配置效率的关键,同时对于综合评估减税降费政策效果、针对性破除制约高质量发展的机制障碍和深化供给侧改革,也具有重要现实意义。

Capital deepening(the improvement of capital labor ratio) is an important channel for the transformation and upgrading of Chinese enterprises and the improvement of production efficiency, but the research on this topic needs to be enriched. Using the survey data of China Taxation Bureau and the differences-in-differences method(DD), this paper investigates the differential impact of the accelerated depreciation policy of fixed assets on enterprises’ capital labor ratio, and explores its underlying mechanism and the promotion of production efficiency. We found that the accelerated depreciation policy significantly improved the capital labor ratio of enterprises, and the capital labor ratio of pilot enterprises increased by an average of 6.7%. Medium-sized enterprises were the most affected by the policy, followed by small enterprises, and large enterprises were basically unaffected. Besides, the mechanism research shows that the policy has significantly improved the cash flow of all scale enterprises. Medium-sized enterprises were promoted to increase investment while small enterprises replace low skilled labor with capital. The provincial macro data also found that low educated labor was replaced. Finally, the policy has improved the production efficiency of small and medium-sized enterprises. Studying the impact of tax incentives on the substitution between capital and labor in enterprises is of great significance to optimize the efficiency of factor allocation within enterprises. At the same time, it is also an important starting point for comprehensively evaluating the effect of tax reduction and fee reduction policies, pertinently removing the institutional obstacles restricting high-quality development, and deepening supply side reform.