资本偏向型税收激励是否有助于遏制制造企业“脱实向虚”?

Does Capital-biased Taxation Incentive Help to Curb Manufacturing Enterprises’“Shifting from Real Economy to Virtual Economy”?

固定资产加速折旧政策作为中国政府深入推进企业减税降费的重大举措,是一项资本偏向型减税政策,兼具鼓励实业投资与激发企业创新活力的功能。文章借助2014年和2015年加速折旧政策的准自然实验,考察资本偏向型的税收激励政策与制造企业“脱实向虚”行为因果关系。研究表明,加速折旧政策显著抑制了制造企业“脱实向虚”金融化水平。激励机制检验发现,加速折旧政策通过“现金流效应”和“实业投资效应”,削弱了制造企业“脱实向虚”的预防性储蓄动机和投资替代逐利性动机,进而遏制了制造企业“脱实向虚”的金融化行为。进一步研究发现,加速折旧政策对制造企业“脱实向虚”遏制作用在非国有企业、规模较小的企业、资本要素密集度高以及股权集中度高的企业更为明显。研究结论将为国家制定和实施促进实体经济“脱虚向实”,防范重大金融化风险的税收激励政策提供有益参考。

As an important measure taken by the Chinese government to deepen the promotion of tax and fee reduction for enterprises,the accelerated fixed assets depreciation policy is a capital-biased tax reduction policy that has the function of encouraging industrial investment and stimulating enterprises’innovation vitality.With the help of the quasi natural experiments of the accelerated depreciation policies in 2014 and 2015,this study examines the causal relationship between capital-biased taxation incentive policies and manufacturing enterprises’behavior of“shifting from real economy to virtual economy”.The research findings show that the accelerated depreciation policy significantly suppresses the financialization level of manufacturing enterprises’“shifting from real economy to virtual economy”.The incentive mechanism test indicates that the accelerated depreciation policy weakens the preventive savings motivation of manufacturing enterprises’“shifting from real economy to virtual economy”and their investment substitution profit-seeking motivation through the“cash flow effect”and“industrial investment effect”,thereby curbing the financialization behavior of manufacturing enterprises’“shifting from real economy to virtual economy”.It is found through further research that the curbing effect of the accelerated depreciation policy on manufacturing enterprises’“shifting from real economy to virtual economy”is more significant in non-state-owned enterprises,smaller-scale enterprises and enterprises with high capital factor intensity and high equity concentration.The research conclusion will provide useful reference for China to formulate and implement taxation incentive policies that promote the real economy to“shift from virtual economy to real economy”and prevent significant financialization risks.