减税政策如何影响企业全要素生产率?——来自“两税合并”的经验证据

How does Tax Relief Policy Affect Firm TFP?Empirical Evidence from"Integration of Two Taxes"

在我国供给侧的传统经济增长动力减弱的背景下,探讨减税政策能否提供关键的税制动力具有现实意义。本文借助2008年“两税合并”减税政策这一准自然实验,采用中国A股上市公司数据并运用双重差分法探讨了政策对企业全要素生产率及国际化水平的影响。研究发现:两税合并显著促进了企业全要素生产率,并通过影响企业的研发创新和资源配置效率进行提升。拓展性分析发现,两税合并通过提高企业全要素生产率进而提升了企业的出口表现并增加了企业的海外直接投资规模,即提高了企业的国际化水平。基于此,本文提出了进一步优化和完善减税政策、适当降低行业集中度、切实提高公司治理水平和以“内部减税降费”应对“外部加征关税”的政策建议。

In the context of the weakening traditional drivers of economic growth on the supply side in China,to explore if tax relief policy could provide a taxation-driving force is of practical significance.Exploiting the quasi-natural experiment of the 2008 policy of"integration of two taxes",this paper employs difference-in-difference identification strategy to explore the impact of the policy on firm total factor productivity(TFP)and firm internationalization based on the data of China Ashare Listed Company.It is found that:the integration of two taxes significantly promotes the firm TFP through the channels of firm research and development innovation and resource allocation efficiency.Extensibility analysis indicates that the integration of two taxes significantly promotes firm export and increases the scale of firm overseas direct investment by promoting firm TFP,i.e..promotes firm internationalization by promoting firm TFP.Based on this,this paper puts forward corresponding policy suggestions,including further optimizing and improving tax relief policy,appropriately reducing the industry concentration degree,effectively improving corporate governance level,and employing"internal tax and fee cuts"to cope with"external levying more exports tariff".