财税政策对物流企业GTFP的影响——基于税式支出与财政补贴的对比分析

Impact of Fiscal and Tax Policies on GTFP of Logistics Enterprises:Comparative Analysis of Tax Expenditure and Fiscal Subsidy

财税政策对微观市场主体的影响一直是理论界研究的热点。本文以2009-2018年上市物流企业为研究样本,采用SBM-GML方法测算物流企业GTFP,实证检验了税式支出与财政补贴对物流企业GTFP影响的差异性,并进一步对比分析了其影响途径。研究发现:(1)从整体分位点来看,税式支出对物流企业GTFP的影响表现为显著正向激励作用,与之相比,财政补贴抑制了物流企业GTFP的增长。从各分位点来看,税式支出的促进作用表现为先增后降的倒U型趋势,在0.7分位点上对GTFP的影响最强,在0.1分位点上对GTFP的影响最弱。财政补贴的负面效应也呈现出倒U型趋势。但不同的是,其负面效应在0.7分位点达到峰值,在0.9分位点处为最低值。(2)从影响途经来看,税式支出通过提高技术水平来促进GTFP增长,而财政补贴阻碍技术水平提高从而抑制GTFP的增长,技术效率作为影响途径之一表现得并不明显。这表明,一方面,政府应制定差异化的财税政策来增强其对物流企业的激励效果;另一方面,物流企业应根据政策调整发展模式,培养自主创新能力,实现绿色高效发展。

The improvement of urbanization leads to the rapid expansion of logistics industry,but it causes excessive resource consumption and intensified environmental pollution.The deepening of the concept of sustainable development and ecological civilization requires logistics enterprises to shift towards a development model of low pollution and low emissions,and the key to the transformation is to improve the green total factor productivity(GTFP)of logistics enterprises.This not only requires logistics enterprises to achieve growth based on their own conditions,but also requires external environmental incentives,especially through financial and tax means to stimulate the driving force for internal innovation.This article takes listed logistics companies from 2009 to 2018 as the research sample,uses the SBM⁃GML method to calculate the GTFP of logistics companies,empirically tests differences in the impact of tax expenditures and financial subsidies on the GTFP of logistics companies,and further compares their impact pathways.Research results are as follows.(1)From the overall quantile point of view,tax expenditures have a significantly positive incentive effect on the GTFP of logistics enterprises.From the perspective of each quantile,the promoting effect of tax expenditure shows an‘inverted U⁃shaped’trend of first increasing and then decreasing.The negative effects of fiscal subsidies also show an‘inverted U⁃shaped’trend.However,the difference is that its negative effects peak at the mid quantile and reach their lowest value at the high quantile.(2)Tax expenditure promotes the growth of GTFP by promoting technological progress,while financial subsidies hinder the improvement of technological level and thus suppress the growth of GTFP.This article has following contributions.This article measures and analyzes GTFP at the enterprise level,and examines the relation between fiscal and tax policies and green and high⁃quality development.In the context of green development,total factor productivity cannot measure the level of green economic development,and GTFP,which involves energy investment and environmental pollution.This article focuses on the relation between financial and tax incentives and the GTFP of logistics enterprises,and investigates the impact of tax expenditures and financial subsidies on the GTFP of logistics enterprises.Considering differences in the incentive effects of different policies,this article analyzes differences in the impact of tax expenditure and fiscal subsidies,and explores characteristics and sources of the differences.This article clarifies differences in incentive effects and impact mechanisms of tax expenditures and financial subsidies on logistics enterprises’GTFP,providing ideas for further clarifying the presentation effect of government policy goals at the enterprise level,and continuously optimizing the tax structure to promote green and high⁃quality development of logistics enterprises.This article helps enterprises to adapt to economic development trends.