中国企业捐赠税收价格弹性估计

Tax-Price Elasticity Estimation of Corporate Charitable Giving in China

激励企业参与慈善事业,对于促进三种分配形式协调发展,实现高质量共同富裕具有重要意义。捐赠税收优惠的政策效能取决于企业捐赠者对捐赠税收价格的反应程度。本文采用群聚方法和工具变量方法估计企业捐赠的税收价格弹性,研究发现:(1)与理论预测一致,捐赠扣除限额拐点附近,企业捐赠的经验分布存在明显的群聚特征;(2)在集约边际上,企业捐赠税收价格弹性的基准估计为-0.127,控制调整摩擦后的长期弹性约为-0.216;(3)动态估计表明,企业的政策响应具有滞后性,社会信用环境会显著影响政策的激励效能,政策放宽预期下企业的捐赠行为存在跨期调整;(4)分样本估计显示,经济发展水平更高、税收征管强度更大的地区,第二产业、私营部门、规模大、流动性约束强、没有补贴收入,以及净利润率更大的企业对捐赠税收激励更为敏感;(5)扩展边际上的企业捐赠税收价格弹性为-1.267,表明政策的普惠与落实是进一步改善激励效能的重要举措。本文为进一步优化企业捐赠税收政策设计、提升政府税收激励的财政效能提供了基础性经验依据。

Encouraging corporate participation in charitable activities is crucial for promoting balanced development across different forms of social distribution of wealth and achieving high-quality common prosperity.The effectiveness of tax incentives for donations depends on how donors respond to the tax price of donations.Utilizing bunching and instrumental variable method,the paper estimates the tax price elasticity of corporate donations.We find that:(1)There is a clear bunching pattern in the distribution of corporate donations around the deduction kink point;(2)At the intensive margin,the baseline estimate of elasticity is-0.127,with a longterm elasticity of-0.216 after accounting for adjustment frictions;(3)Dynamic estimates show that corporate responses to policy changes exhibit lag effects,the social trust environment significantly affect the effectiveness of tax incentives,and corporate adjust intertemporally under expectations of policy relaxation;(4)Subsample analysis reveals that firms in regions with higher economic development,stricter tax enforcement,and those in the secondary sector,private sector,larger firms,firms with liquidity constraints,no subsidy income,and higher net profit margins are more sensitive to tax incentives;(5)The tax price elasticity at the extensive margin is-1.267,indicating that policy implementation and inclusiveness are key to enhancing the effectiveness of tax incentives.This study provides empirical support for optimizing the design of corporate donation tax policies and improving the fiscal efficiency of government tax incentives.