税制扭曲与工业企业污染排放——基于增值税留抵结转制度的分析

Tax Distortions and Industrial Pollution Emissions:Evidence from VAT Credit Carryover

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摘要税收制度能够对企业包括环保行为在内的一系列行为产生重大影响,增值税留抵结转是中国当前税制改革的重点领域。那么,这一制度是否以及如何影响企业环保行为?基于2013—2016年全国税收调查数据,本文研究表明,增值税留抵结转加剧了企业污染排放,表现为留抵税款金额越高,企业单位产值的污染排放量越大。机制检验表明,增值税留抵结转提高了企业的现金流波动和债务融资成本,削减了末端治理投资而非技术创新支出,进而对企业降污减排产生抑制作用。异质性分析显示,增值税留抵结转的环境效应在非国有、商业信用较低的企业中更为明显,对处于竞争性较弱、技术和资本密集型行业的企业影响更大,并在环保执法不严、税收征管严格的地区以及货币政策紧缩时期更加突出。本文从税收中性的视角拓宽了环境治理领域的相关研究,对政府利用税收政策助力经济绿色发展具有启示意义。 Tax systems have a significant impact on a series of corporate decisions,including environmental behaviors.The value-added tax(VAT)credit carryover has emerged as a key focus in China’s ongoing tax system reforms.How does this affect corporate envi-ronmental behavior?Based on national tax survey data from 2013 to 2016,this paper finds that VAT credit carryover exacerbates corporate pollution emissions,with higher carryover amounts correlating with greater pollution emissions per unit of output.Mechanism analysis reveals that VAT credit carryover exacerbates cash flow volatility and debt financing costs for firms,reducing investments in end-of-pipe management rather than technological innovation expenditures,thereby hindering pollution control.Heterogeneity analysis shows that the micro-environmental effects of VAT credit carryover are more pronounced in non-stateowned firms and those with lower commercial credit,especially those in less competitive,technology-intensive,and capital-intensive industries,and are more significant in regions with lax environmental enforcement,strict tax collection,or during periods of tight monetary policy.This paper broadens the relevant research in environmental governance from a tax neutrality perspective,offering valuable insights for the government’s use of tax policies to promote green economic development.

作者吴烨伟杨雪程名望蓝梦 Wu Yewei;Yang Xue;Cheng Mingwang;Lan Meng(School of Business,Guangxi University,Nanning 530004,China;School of Economics and Management,Tongji University,Shanghai 200029,China;Guangxi Department of Finance,Nanning 530021,China)

机构地区广西大学工商管理学院同济大学经济与管理学院广西壮族自治区财政厅

出处《南开经济研究》北大核心 2025年第9期157-175,共19页 Nankai Economic Studies

基金国家社会科学基金重点项目“城乡融合视角下推进以人为核心的新型城镇化”(22AZD048)的资助。

关键词增值税留抵结转环保投资污染排放税制扭曲 VAT Credit Carryover Environmental Investment Pollution Emissions Tax System Distortion

分类号 F812.42 [经济管理—财政学] F425 [经济管理—产业经济] X322 [环境科学与工程—环境工程]

作者简介吴烨伟,广西大学工商管理学院(邮编:530004),E-mail:yeweiwu@gxu.edu.cn;通讯作者:杨雪,同济大学经济与管理学院(邮编:200029),E-mail:2010072@tongji.edu.cn;程名望,同济大学经济与管理学院(邮编:200029),E-mail:walkercheng@163.com;蓝梦,广西壮族自治区财政厅(邮编:530021),E-mail:lm0707@163.sufe.edu.cn。