【作者】 刘楠楠； 刘蓉； 陈凌霜；

【机构】 西南财经大学财税学院；

【摘要】 在中国经济下行面临资本与劳动力成本攀升的"新常态"背景下,降低要素投资成本、提高企业生产率成为国家政策取向。本文通过构建双重差分与三重差分政策评估模型,从微观视角研究了企业所得税减税对企业投资行为的影响,并立足于产权性质与产业结构分布,阐释了经济增长乏力的财政资源错配成因。研究结论显示,减税对经营性投资和权益性投资的激励效应显著于固定资产投资,其中企业对权益性投资的动机更为明显。相较于外资企业,减税对投资的激励效应在内资企业中表现更为明显。然而,减税对内资企业的投资激励效应中国有企业实质占优,对民营企业的投资激励并不显著。研究还表明,减税对制造业的投资具有更为突出的激励作用,而对服务业的影响并不显著。根据减税投资效应的这些差异特征,本文提出未来的减税政策需要考虑在财政资源上给予民营企业以及服务性产业区别待遇,有效推动市场的自我发展与经济的高质量增长。更多还原

【Abstract】 Under the background of the economic downturn called "New Normal", costs of capital and labor are both rising, and the government should make policy to improve productivity and reduce investment costs. This paper analyzes the corporate income tax(CIT) taking impact on the investment behavior of enterprises from the micro perspective, by using DID and DIDID models. Moreover, this paper studies the financial resources mismatch causes about the weak economic growth at the case of the ownership and the distribution of industrial structure. The conclusion shows that the incentive effect of the tax-cut on business investment and equity investment are higher than that of fixed assets investment, and the motivation for equity investment is more obvious than business investment. Tax incentives for investment in domestic enterprises is more obvious than foreign enterprises. However, the tax reduction has a real dominant influence on the investment between SOE and Private enterprises. We also show that the tax-cut have a more prominent incentive effect on the investment of the manufacturing industry, and the impact on the service industry is not significant. This paper argues that the tax policy should avoid "across the board", need to give private enterprises and the service industry the different treatment of financial resources, and promote the high quality of economic growth and the development of the market economy.更多还原