增值税转型、成本加成率分布与资源配置效率
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摘要
关于增值税转型对企业间成本加成率分布与资源配置效率的影响,鲜有文献对此进行考察和识别。文章基于1998-2007年中国微观企业数据,将2004年东北地区试行的增值税改革视为准自然实验,采用双重差分法考察了增值税转型对中国制造业成本加成率分布以及资源配置效率的影响。研究发现,以增值税转型为代表的减税政策有效降低了成本加成率分布的离散程度,改善了制造业的资源配置效率。进一步地,增值税转型能更多地促使高成本加成企业降低成本加成率,并可以通过价格和边际成本渠道对缩小企业间成本加成率差距产生显著影响。基于行业国有资本份额、资本密集度和行业技术水平的异质性检验表明,税收激励对高国企份额行业、劳动密集型行业和一般技术水平行业的作用更为显著。因此,应针对性地实施税收改革,以更好地发挥税收激励的资源配置效应。
As an important part of the proactive fiscal policy,tax reduction is a powerful means for a country to implement macro regulations. The Chinese government has always taken reducing the corporate tax burden as the main content of structural adjustment and growth promotion. Especially in recent years,the policy of slashing tax and fee reduction has been implemented one after another,in order to enable enterprises to really lightweight,effectively reduce their tax burden,improve their business performance,and thus drive the vitality of the whole economic market. It is undeniable that the transformation of value-added tax from production to consumption plays a crucial role in reducing the tax burden of enterprises. However,considering the significance of value-added tax reform from the view of reducing tax burden is far from enough. From a more profound perspective,tax reduction also has the role of "leveling competition areas in market competition and improving the efficiency of resource allocation". The essence of tax reduction is to improve the efficiency of resource allocation. However,little literature has examined the effect of the value-added tax reform on markup dispersion and resource allocation in manufacturing industries. Based on 1998—2007 Chinese manufacturing firm-level data and using China's value-added tax pilot reform in 2004 as a quasi-natural experiment,this paper estimates the impact of tax deduction on markup dispersion with the difference-in-differences method. In addition,we identify the specific mechanism of price and marginal cost channels affecting markup dispersion,and test the heterogeneity of industry technology level,SOE share and capital intensity. The results indicate that tax incentive provided by value-added tax reform reduces markup dispersion significantly and improves the efficiency of resource allocation. The further mechanism analysis suggests that value-added tax reform has a larger effect on markups at higher quantiles than at lower quantiles,and flattens markup distribution through price and marginal cost channels,thus improving resource allocation in manufacturing industries. In addition,the heterogeneity analysis across industries with different SOE share,capital intensity and technology level shows that the effect is significant in high SOE share industries,labor-intensive industries and low-tech industries. Therefore,we should continue to implement the tax reduction policy and regard tax deduction as the basic path for China to deepen the reform of the fiscal and taxation system in the future,and then give full play to the important role of taxation tools in promoting economic growth,adjusting structural imbalance,and accelerating the development of transition.
As an important part of the proactive fiscal policy,tax reduction is a powerful means for a country to implement macro regulations. The Chinese government has always taken reducing the corporate tax burden as the main content of structural adjustment and growth promotion. Especially in recent years,the policy of slashing tax and fee reduction has been implemented one after another,in order to enable enterprises to really lightweight,effectively reduce their tax burden,improve their business performance,and thus drive the vitality of the whole economic market. It is undeniable that the transformation of value-added tax from production to consumption plays a crucial role in reducing the tax burden of enterprises. However,considering the significance of value-added tax reform from the view of reducing tax burden is far from enough. From a more profound perspective,tax reduction also has the role of "leveling competition areas in market competition and improving the efficiency of resource allocation". The essence of tax reduction is to improve the efficiency of resource allocation. However,little literature has examined the effect of the value-added tax reform on markup dispersion and resource allocation in manufacturing industries. Based on 1998—2007 Chinese manufacturing firm-level data and using China's value-added tax pilot reform in 2004 as a quasi-natural experiment,this paper estimates the impact of tax deduction on markup dispersion with the difference-in-differences method. In addition,we identify the specific mechanism of price and marginal cost channels affecting markup dispersion,and test the heterogeneity of industry technology level,SOE share and capital intensity. The results indicate that tax incentive provided by value-added tax reform reduces markup dispersion significantly and improves the efficiency of resource allocation. The further mechanism analysis suggests that value-added tax reform has a larger effect on markups at higher quantiles than at lower quantiles,and flattens markup distribution through price and marginal cost channels,thus improving resource allocation in manufacturing industries. In addition,the heterogeneity analysis across industries with different SOE share,capital intensity and technology level shows that the effect is significant in high SOE share industries,labor-intensive industries and low-tech industries. Therefore,we should continue to implement the tax reduction policy and regard tax deduction as the basic path for China to deepen the reform of the fiscal and taxation system in the future,and then give full play to the important role of taxation tools in promoting economic growth,adjusting structural imbalance,and accelerating the development of transition.
引文
[1]樊纲,王小鲁,朱恒鹏.中国市场化指数--各地区市场化相对进程2011年报告[M].北京:经济科学出版社,2011.
[2]蒋为.增值税扭曲、生产率分布与资源误置[J].世界经济,2016,(5):54-77.
[3]刘啟仁,黄建忠.企业税负如何影响资源配置效率[J].世界经济,2018,(1):78-100.
[4]刘怡,侯思捷,耿纯.增值税还是企业所得税促进了固定资产投资--基于东北三省税收政策的研究[J].财贸经济,2017,(6):5-16,114.
[5]刘竹青,盛丹.人民币汇率、成本加成率分布与我国制造业的资源配置[J].金融研究,2017,(7):1-15.
[6]罗伟,葛顺奇.跨国公司进入与中国的自主研发:来自制造业企业的证据[J].世界经济,2015,(12):29-53.
[7]吕冰洋.减税要义在于提高资源配置效率[N].北京日报,2016-07-01(003).
[8]聂辉华,方明月,李涛.增值税转型对企业行为和绩效的影响--以东北地区为例[J].管理世界,2009,(5):17-24,35.
[9]聂辉华,贾瑞雪.中国制造业企业生产率与资源误置[J].世界经济,2011,(7):27-42.
[10]盛丹,刘灿雷.外部监管能够改善国企经营绩效与改制成效吗?[J].经济研究,2016,(10):97-111.
[11]申广军,陈斌开,杨汝岱.减税能否提振中国经济?--基于中国增值税改革的实证研究[J].经济研究,2016,(11):70-82.
[12]申广军,王荣,张延.结构性减税与劳动收入份额--兼论增值税转型的分配效应[J].经济科学,2018,(3):61-74.
[13]许伟,陈斌开.税收激励和企业投资--基于2004~2009年增值税转型的自然实验[J].管理世界,2016,(5):9-17.
[14]Bernard A B,Eaton J,Jensen J B,et al.Plants and productivity in international trade[J].American Economic Review,2003,93(4):1268-1290.
[15]Bertrand M,Duflo E,Mullainathan S.How much should we trust differences-in-differences estimates?[J].The Quarterly Journal of Economics,2004,119(1):249-275.
[16]Brandt L,Van Biesebroeck J,Zhang Y F.Creative accounting or creative destruction?Firm-level productivity growth in Chinese manufacturing[J].Journal of Development Economics,2012,97(2):339-351.
[17]Cai H B,Liu Q,Xiao G.Does competition encourage unethical behavior?The case of corporate profit hiding in China[J].Economic Journal,2009,119:764-795.
[18]Cai J,Harrison A E.The value-added tax reform puzzle[R].NBER Working Papers 17532,2011.
[19]De Loecker J,Warzynski F.Markups and firm-level export status[J].American Economic Review,2012,102(6):2437-2471.
[20]Djankov S,Ganser T,McLiesh C,et al.The effect of corporate taxes on investment and entrepreneurship[J].American Economic Journal:Macroeconomics,2010,2(3):31-64.
[21]Edmond C,Midrigin V,Xu D Y.Competition,markups,and the gains from international trade[J].American Economic Review,2015,105(10):3183-3221.
[22]Feenstra R C,Li Z Y,Yu M J.Exports and credit constraints under incomplete information:Theory and evidence from China[J].Review of Economics and Statistics,2014,96(4):729-744.
[23]Holmes T J,Hsu W T,Lee S.Allocative efficiency,mark-ups,and the welfare gains from trade[J].Journal of International Economics,2014,94(2):195-206.
[24]Hsieh C T,Klenow P J.Misallocation and manufacturing TFP in China and India[J].Quarterly Journal of Economics,2009,124(4):1403-1448.
[25]Lerner A P.The Concept of monopoly and the measurement of monopoly power[J].The Review of Economic Studies,1934,1(3):157-175.
[26]Levinsohn J,Petrin A.Estimating production functions using inputs to control for unobservables[J].Review of Economic Studies,2003,70(2):317-341.
[27]Liu Q,Lu Y.Firm investment and exporting:Evidence from China's value-added tax reform[J].Journal of International Economics,2015,97(2):392-403.
[28]Lu Y,Tao Z G,Zhu L M.Identifying FDI spillovers[J].Journal of International Economics,2017,107:75-90.
[29]Lu Y,Yu L H.Trade liberalization and markup dispersion:Evidence from China's WTO accession[J].American Economic Journal:Applied Economics,2015,7(4):221-253.
[30]Olley G S,Pakes A.The dynamics of productivity in the telecommunications equipment industry[J].Econometrica,1996,64(6):1263-1297.
[31]Peters M.Heterogeneous mark-ups,growth and endogenous misallocation[R].LSE Research Online Documents on Economics 54254,2013.
[32]Syverson C.Product substitutability and productivity dispersion[J].The Review of Economics and Statistics,2004,86(2):534-550.
[33]Topalova P.Factor immobility and regional impacts of trade liberalization:Evidence on poverty from India[J].American Economic Journal:Applied Economics,2010,2(4):1-41.
[34]Wang D.The impact of the 2009 value added tax reform on enterprise investment and employment-Empirical analysis based on Chinese tax survey data[R].MERIT Working Paper 059,2013.
[35]Zhang L,Chen Y Y,He Z Y.The effect of investment tax incentives:Evidence from China's value-added tax reform[J].International Tax and Public Finance,2018,25(4):913-945.
(1)数据来源:http://www.gov.cn/zhuanti/2018lh/2018zfgzbg/zfgzbg.htm。
(2)数据来源:http://www.gov.cn/guowuyuan/cwhy/20180425c08/。
(1)增值税抵扣具体行业范围不予赘述,备索。
(1)De Loecker和Warzynski(2012)及Edmond等(2015)均给出了企业成本加成率的详细估计过程,限于篇幅,本文不再详细说明。
(1)本文根据国家统计局2013年《高技术产业统计分类目录》,再次界定了高技术行业和一般技术行业,实证回归结论仍然稳健,即增值税转型大大降低了一般技术行业的成本加成率分布。
[2]蒋为.增值税扭曲、生产率分布与资源误置[J].世界经济,2016,(5):54-77.
[3]刘啟仁,黄建忠.企业税负如何影响资源配置效率[J].世界经济,2018,(1):78-100.
[4]刘怡,侯思捷,耿纯.增值税还是企业所得税促进了固定资产投资--基于东北三省税收政策的研究[J].财贸经济,2017,(6):5-16,114.
[5]刘竹青,盛丹.人民币汇率、成本加成率分布与我国制造业的资源配置[J].金融研究,2017,(7):1-15.
[6]罗伟,葛顺奇.跨国公司进入与中国的自主研发:来自制造业企业的证据[J].世界经济,2015,(12):29-53.
[7]吕冰洋.减税要义在于提高资源配置效率[N].北京日报,2016-07-01(003).
[8]聂辉华,方明月,李涛.增值税转型对企业行为和绩效的影响--以东北地区为例[J].管理世界,2009,(5):17-24,35.
[9]聂辉华,贾瑞雪.中国制造业企业生产率与资源误置[J].世界经济,2011,(7):27-42.
[10]盛丹,刘灿雷.外部监管能够改善国企经营绩效与改制成效吗?[J].经济研究,2016,(10):97-111.
[11]申广军,陈斌开,杨汝岱.减税能否提振中国经济?--基于中国增值税改革的实证研究[J].经济研究,2016,(11):70-82.
[12]申广军,王荣,张延.结构性减税与劳动收入份额--兼论增值税转型的分配效应[J].经济科学,2018,(3):61-74.
[13]许伟,陈斌开.税收激励和企业投资--基于2004~2009年增值税转型的自然实验[J].管理世界,2016,(5):9-17.
[14]Bernard A B,Eaton J,Jensen J B,et al.Plants and productivity in international trade[J].American Economic Review,2003,93(4):1268-1290.
[15]Bertrand M,Duflo E,Mullainathan S.How much should we trust differences-in-differences estimates?[J].The Quarterly Journal of Economics,2004,119(1):249-275.
[16]Brandt L,Van Biesebroeck J,Zhang Y F.Creative accounting or creative destruction?Firm-level productivity growth in Chinese manufacturing[J].Journal of Development Economics,2012,97(2):339-351.
[17]Cai H B,Liu Q,Xiao G.Does competition encourage unethical behavior?The case of corporate profit hiding in China[J].Economic Journal,2009,119:764-795.
[18]Cai J,Harrison A E.The value-added tax reform puzzle[R].NBER Working Papers 17532,2011.
[19]De Loecker J,Warzynski F.Markups and firm-level export status[J].American Economic Review,2012,102(6):2437-2471.
[20]Djankov S,Ganser T,McLiesh C,et al.The effect of corporate taxes on investment and entrepreneurship[J].American Economic Journal:Macroeconomics,2010,2(3):31-64.
[21]Edmond C,Midrigin V,Xu D Y.Competition,markups,and the gains from international trade[J].American Economic Review,2015,105(10):3183-3221.
[22]Feenstra R C,Li Z Y,Yu M J.Exports and credit constraints under incomplete information:Theory and evidence from China[J].Review of Economics and Statistics,2014,96(4):729-744.
[23]Holmes T J,Hsu W T,Lee S.Allocative efficiency,mark-ups,and the welfare gains from trade[J].Journal of International Economics,2014,94(2):195-206.
[24]Hsieh C T,Klenow P J.Misallocation and manufacturing TFP in China and India[J].Quarterly Journal of Economics,2009,124(4):1403-1448.
[25]Lerner A P.The Concept of monopoly and the measurement of monopoly power[J].The Review of Economic Studies,1934,1(3):157-175.
[26]Levinsohn J,Petrin A.Estimating production functions using inputs to control for unobservables[J].Review of Economic Studies,2003,70(2):317-341.
[27]Liu Q,Lu Y.Firm investment and exporting:Evidence from China's value-added tax reform[J].Journal of International Economics,2015,97(2):392-403.
[28]Lu Y,Tao Z G,Zhu L M.Identifying FDI spillovers[J].Journal of International Economics,2017,107:75-90.
[29]Lu Y,Yu L H.Trade liberalization and markup dispersion:Evidence from China's WTO accession[J].American Economic Journal:Applied Economics,2015,7(4):221-253.
[30]Olley G S,Pakes A.The dynamics of productivity in the telecommunications equipment industry[J].Econometrica,1996,64(6):1263-1297.
[31]Peters M.Heterogeneous mark-ups,growth and endogenous misallocation[R].LSE Research Online Documents on Economics 54254,2013.
[32]Syverson C.Product substitutability and productivity dispersion[J].The Review of Economics and Statistics,2004,86(2):534-550.
[33]Topalova P.Factor immobility and regional impacts of trade liberalization:Evidence on poverty from India[J].American Economic Journal:Applied Economics,2010,2(4):1-41.
[34]Wang D.The impact of the 2009 value added tax reform on enterprise investment and employment-Empirical analysis based on Chinese tax survey data[R].MERIT Working Paper 059,2013.
[35]Zhang L,Chen Y Y,He Z Y.The effect of investment tax incentives:Evidence from China's value-added tax reform[J].International Tax and Public Finance,2018,25(4):913-945.
(1)数据来源:http://www.gov.cn/zhuanti/2018lh/2018zfgzbg/zfgzbg.htm。
(2)数据来源:http://www.gov.cn/guowuyuan/cwhy/20180425c08/。
(1)增值税抵扣具体行业范围不予赘述,备索。
(1)De Loecker和Warzynski(2012)及Edmond等(2015)均给出了企业成本加成率的详细估计过程,限于篇幅,本文不再详细说明。
(1)本文根据国家统计局2013年《高技术产业统计分类目录》,再次界定了高技术行业和一般技术行业,实证回归结论仍然稳健,即增值税转型大大降低了一般技术行业的成本加成率分布。