减税激励与企业债务负担——来自小微企业所得税减半征收政策的证据被引量：102

Tax Reduction Incentives and Corporate Debt Burden:Evidence from the Policy of Halving the Income Tax on Small Low-profit Enterprises

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摘要小微企业是经济社会发展活力的微观基础,降低小微企业债务负担,推动小微企业可持续和高质量发展具有重要现实意义。税收优惠是国家支持小微企业发展的重要举措,但目前减税政策的效果如何尚不明晰。本文利用全国税收调查数据,基于小微企业所得税减半征收政策带来的冲击,使用群聚(bunching)方法考察了减税激励对小微企业债务规模和融资成本的影响。研究结果表明,所得税减半征收政策有效降低了小微企业的实际税负,部分企业通过操纵应纳税所得额享受到了税收减免,并使得操纵区间内的企业平均所得税负降低了6.83%。反事实估计减税的政策效应发现,企业所得税负每下降10%,则其流动负债会平均降低16.62%,流动负债占比降低1.65个百分点,同时企业利息支出下降21.9%,财务费用下降16.86%,这为减税政策缓解企业债务负担及化解杠杆风险提供了微观证据。在此基础上,本文还讨论了减税政策的动态效应及对企业生产效率的积极影响。本文研究结论表明,减税政策显著降低了小微企业税收负担,缓解了企业融资约束,这为国家进一步实施小微企业减税政策提供了经验支持。 Small low-profit enterprises are an important foundation of the national economic development,and play a crucial role in absorbing employment,stimulating innovation,and promoting investment and consumption.Supporting the development of such enterprises is a key way to enhance economic vitality and realize high-quality economic development.However,financing difficulties,financing cost,and financing structure are the outstanding problems for such small low-profit enterprises because of their size and poor operational stability.Reducing these firms'debt burden has great practical significance in promoting sustainable,high-quality development.Tax preference is an important step to supporting the development of China's small low-profit enterprises.The Enterprise Income Tax system,which came into effect in 2008,sets the income tax rate for ordinary enterprises at 25%,whereas specified small low-profit enterprises enjoy the preferential tax rate of 20%.To further encourage the development of such enterprises,China implemented a policy of halving the income tax of smaller enterprises to a rate of 10%.This standard of halving the income tax increased the threshold from RMB30,000 in 2010 to RMB3 million in 2019,allowing more small enterprises to enjoy tax relief.However,it remains unclear whether the large-scale tax cut policy has improved the development environment and the development quality of these small low-profit enterprises.Small low-profit enterprises manipulate taxable income according to policy standards,which leads to the failure of the traditional causality identification strategy(DD/RD).Our study uses the National Tax Investigation Data from the Chinese State Administration of Tax(SAT),and applies the bunching method to construct a causality identification strategy.We estimate the counter-factual distribution and empirically examine the influence of tax reduction incentives on the debt size,debt structure,and financing cost of small low-profit enterprises.The study comes to the following conclusions.The half-income tax policy effectively reduces the real tax burden of small low-profit enterprises.Some enterprises enjoy tax relief by manipulating their taxable incomes.The average income tax of enterprises that manipulate their incomes is reduced by 6.83%.The policy effect of the anti-fact estimation is that,when the enterprise income tax is reduced by 10%,the current liability is reduced by 16.62%,and the current liability ratio is reduced by 1.65%.The firms'interest expense is reduced by 21.9%,and their financing cost is reduced by 16.86%.These findings provide micro-proof of the tax reduction policy's ability to relieve these enterprises'debt burdens and to reduce the leverage risk.On the basis of this,this paper also discusses the dynamic effect of the tax reduction policy and the effect on the production efficiency of the enterprise.The results of this paper show that the tax reduction policy has effectively improved the debt size and the debt structure of the small low-profit enterprises,and the financing constraint of the enterprise is relieved,which provides the empirical evidence supporting China's further implementation of the effectiveness of this tax reduction policy.At the same time,we should note that,because of the sharp change of the tax rate in the bunching point,the enterprise has the motive to obtain the tax relief through the way of increasing the cost,which is in essence a distortion of the enterprise behavior,which is not conducive to the precise implementation of the policy and which leads to partial loss of the tax revenue.In that,on the basis of the further implementation of this policy,the relevant departments should strengthen the examination of the financial behavior and tax behavior of the enterprise,and improve the early warning system of the enterprise tax payment.More importantly,the policy of halving the income tax of small enterprises is actually a size-dependent policy,and the enterprise can reduce the scale for sustained access to this policy,which is disadvantageous to the large-scale development of enterprises.In this case,the government should pay more attention to the influence of the tax system design on the scale of the enterprise while the tax preferential policy is further implemented.

作者王伟同李秀华陆毅 WANG Weitong;LI Xiuhua;LU Yi(Institute for Economic and Social Development,Dongbei University of Finance and Economics;School of Economics and Management,Tsinghua University)

机构地区东北财经大学经济与社会发展研究院清华大学经济管理学院

出处《经济研究》 CSSCI 北大核心 2020年第8期105-120,共16页 Economic Research Journal

基金国家自然科学基金面上项目“人口迁移决策的地区代际流动偏好:实证测度、微观证据与影响机制”(71973020) “开放环境下的中国最优税制设计研究”(71973078) 国家自然科学基金重点项目“国家治理视角下公共服务供给的财政制度研究”(71833002)的资助。

关键词小微企业减税激励债务负担群聚分析 Small Low-profit Enterprises Tax Reduction Incentive Debt Burden Bunching Method

分类号 F81 [经济管理—财政学]

作者简介王伟同,东北财经大学经济与社会发展研究院,邮政编码:116025,电子信箱:wangweitong99@sina.com;李秀华,东北财经大学经济与社会发展研究院,邮政编码:116025,电子信箱:lixiuhua456@163.com;陆毅,清华大学经济管理学院,邮政编码:100083,电子信箱:luyi@sem.tsinghua.edu.cn。