税收分成、地方政府行为与企业资源配置效率

Tax Sharing,Local Government Behavior,and Efficiency of Enterprise Resource Allocation

税收分成作为分税制财政体制的核心内容,为地方政府提供了更广阔的财政自主权限,不仅深刻影响着地方政府的政策制定和行为选择,还会进一步对企业的资源配置过程产生影响,能在一定程度上引导资源的流动方向。本文使用2010—2021年A股制造业上市公司数据,深入探讨了税收分成如何影响企业资源配置效率这一问题。结果表明,随着地方政府税收分成比例提高,企业的资源配置效率显著提升。异质性分析发现,对于承担的事权较多、政府经济干预较大地区的企业以及国有企业,税收分成改善资源配置效率的作用更明显。从机制分析看,地方政府税收分成比例的提高会降低企业的税收负担、优化营商环境和帮助企业获取信贷资金,最终使企业的资源配置效率提升。本文的研究丰富了税收分成经济效应的评估视角,对优化政府行为以及提升企业资源配置效率提供了参考。

As the core content of the tax sharing fiscal system,tax sharing provides local government with broader financial autonomy,which not only profoundly affects the policy formulation and behavioral choices of local government,but also further influences the resource allocation process of enterprises,which can guide the direction of the flow of resources to a certain extent.This paper uses the data of A shares listed manufacturing companies from 2010—2021 to explore in depth the issue of how tax sharing affects the resource allocation efficiency of enterprises.The results show that the resource allocation efficiency of enterprises is significantly improved with the increase of tax sharing ratio of local governments.The heterogeneity analysis finds that for enterprises in areas with more responsibilities and heightened government economic intervention,as well as state-owned enterprises,the impact of tax sharing on enhancing resource allocation efficiency is more pronounced.From the perspective of mechanism analysis,the increase of tax sharing ratio of local governments will reduce the tax burden of enterprises,optimize the business environment,help enterprises to obtain credit funds,and ultimately improve the efficiency of resource allocation of enterprises.The research in this paper enriches the evaluation perspective of the economic effect of tax sharing,and provide valuable insight for optimizing the government behavior and enhancing the efficiency of enterprise resource allocation.