| 摘要: |
| 2016年的“死亡税率”之辩让中国宏观税负水平以及高税负下的企业竞争力问题成为社会关注的焦点。采用2006—2015年中国除港澳台地区外的省级区域面板数据，分析宏观税负对不同注册类型企业（国有企业、个体私营企业和其他企业）投资增长率的影响，并以市场化指数为门槛变量分析其门槛效应，结果表明：宏观税负对企业投资的抑制效应并非是全局性的，而是限于以小微企业为主的个体私营企业；同时，宏观税负对个体私营企业投资的抑制效应具有门槛特征，通过提高区域市场化程度能够显著缓解这种抑制效应。因此，应进一步切实加大对小微企业的税收优惠，并坚定不移地推进市场化改革。 |
| 关键词: 宏观税负 企业异质性 死亡税率 个体私营企业 小微企业 税收优惠 市场化程度 市场化改革 |
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| Does Macro Tax Burden Curb Enterprise Investment in China—Empirical Analysis Based on Different Types of Registered Enterprises |
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LIU Jin-dong, XUE Yi-fan
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School of Finance and Taxation, Shandong University of Finance and Economics, Shandong Jinan 250002, China
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| Abstract: |
| China’s macro tax burden and the competitiveness of domestic enterprises suddenly became the focus of social concern under the hot debate of the "fatal tax rate" in 2016. By using 2006-2015 provincial panel data except Hong Kong, Macao and Taiwan, the influence of macro tax on the investment growth rate of different types of registered enterprises (state-owned, private and other types) are analyzed in this paper, their threshold effect is analyzed based on taking marketization index as threshold variable. The results show that the inhibitory effect of macro tax burden is not global but lies only in the individual private sector. The investment growth rate of state-owned enterprises, foreign-invested enterprises and others, as well as the economic structure of ownership is not significantly affected. Further, it’s also found that the inhibition effect of macro tax burden on the investment of individual private enterprises is characterized by threshold. The inhibitory effect can significantly decay when increasing the degree of regional marketization. Thus, China should further enlarge the preferential tax policy on micro-enterprises and firmly push forward the market-oriented reform. |
| Key words: macro tax burden enterprise heterogeneity fatal tax rate private enterprise small and micro-enterprise preferential tax policy marketization degree market-oriented reform |
