内部因素对家族企业传承影响的实证分析——基于在任者的视角

家族企业代际传承将直接影响企业的成长和竞争力。本文从在任者视角,实证研究了家族因素和在任者因素对家族企业代际传承的影响。研究结果表明,家族因素对传承意愿起着主导作用,说明中国传统文化深刻影响着家族企业代际传承,可以借鉴组建家族委员会的方式来协调家族成员与企业之间的关系,促进家族与企业的和谐发展;在任者的文化程度和年龄明显影响着家族企业传承计划的安排,本科以上学历的在任者会在传承时间、传承对象和继承人培养等方面更具前瞻性。在任者文化程度不高制约了家族企业发展,可以通过加强在任者素质教育来提高家族企业的传承质量。     

Tax Reform,Delocation, and Heterogeneous Firms*

The standard international tax model is extended to allow for heterogeneous firms when agglomeration forces are important, enabling us to study the relocation effects of taxes that vary according to firm size. We show that allowing for heterogeneity permits a given tax scheme to have an endogenously different effect on the location decision of small and big firms, with the biggest firms being endogenously more likely to relocate in reaction to high taxes. We show that a reform that flattens the tax–firm–size profile can raise tax revenue without inducing any relocation.     

减税能否提高企业生产效率?——基于西部大开发准自然实验的研究

降低实体经济企业成本,提高其经济效率,是我国供给侧改革的核心内容,而减税政策是重中之重.文章以西部大开发作为准自然实验,基于1998-2007年工业企业微观数据,使用双重差分法研究了减税对实体经济的影响.研究发现,减税政策能够刺激实体经济发展,名义税率每下降1%,企业生产效率平均提高0.38%-0.75%.减税对企业生产效率的影响既有直接效应也存在间接效应.直接效应表现为减税有利于存续企业生产效率的提升,间接效应则表现为减税可以刺激更多的创业活动,而新进入企业比存续企业具有更高的生产效率.异质性检验表明,小企业比大企业对于减税政策更加敏感,而且减税对生产效率的影响随着时间推移先增加后减小,存在长期收敛效应.文章为我国减税政策如何影响企业生产效率提供了经验证据,对于今后税收政策的制定具有重要的理论与实践意义.     

Financial Intermediation and Occupational Choice in Development

This paper presents evidence that the spread between the marginal product of capital and the return on financial assets is much higher in poor than in rich countries. A model with costly intermediation is developed. In this economy, individuals choose at each instant whether to work or to operate a technology. Entrepreneurs finance their business with their own savings and, if necessary, by borrowing from banks. I find that in this framework intermediation costs are not equivalent to a tax on the return of capital. The equivalence fails because costly intermediation affects not only the capital accumulation decision but also the occupational choice decision. I show that intermediation costs have important effects on per capita output and average business size in the economy. I conclude that taxing financial intermediaries can be a very bad policy for development. Journal of Economic Literature Classification Numbers: E20, E60, O11, O16.     

Corporate tax and location choice for multinational firms

This article examines the effects of corporate tax on these location decisions of newly established multinational subsidiaries across 26 European countries over an 8-year period. We contribute to the existing literature by examining the effects of a non-linear response of firm location decisions to changes in the tax rate. We also show that there are large variations in the sensitivity to tax rates across sectors and firm size groups. In particular, financial sector firms are more than twice as sensitive to changes in corporation tax rates relative to other sectors. Our baseline result is a finding that a 1% increase in the statutory or policy rate of corporation tax would lead to a reduction in the conditional location probability of 0.68%. Using the effective average tax rate, the marginal effect implies a reduction in the location probability of 1.15% following a 1% increase in the tax rate. Although overall tax has the expected negative effect on location probability, the marginal effect of an increase is lower at higher rates of tax.     

税收成本、非税成本与企业组织形式选择——基于经济模型的研究框架

基于税收考虑的企业组织形式选择也称为最优企业组织形式税务筹划,即选择某种企业组织形式寻求最有效的税务筹划决策,税收成本和非税成本是影响这种有效选择的主要因素。不考虑非税成本时,企业组织形式偏好选择经济模型主要受企业所得税税率、股权转让所得的个人所得税税率、经营所得的个人所得税税率等变量影响。非税成本中的转换成本、牺牲非税优势的成本、协调与沟通成本等也是影响经济模型的重要因素。     

Should continued family firms face lower taxes than other estates?

Taxes on estates and inheritances may induce heirs to discontinue family firms. Because firm dissolution incurs transaction costs, a preferential tax treatment of transferred family businesses seems to be desirable from a macroeconomic viewpoint. The support of dynastic succession, however, entails also a cost on the economy if firm continuation by less able heirs prevents entry into entrepreneurship. Here, we investigate analytically and quantitatively the trade-off between transaction costs saved and creative destruction prevented. We find that a unique general equilibrium exists at which, depending on the institutional setup, low-ability heirs either abandon (Type 1) or continue (Type 2) a family business. A calibration of the model with German data suggests that preferential tax treatment of family firms has severe negative consequences on macroeconomic performance if it causes a threshold crossing from Type 1 to Type 2 equilibrium. It also reveals that the descendants of less able entrepreneurs who were caused by continuation-friendly tax policy to keep a family business always lose relative to their status in an economy without such a policy.     

Unemployment, tax evasion and the slippery slope framework

The proposed theoretical work introduces the basic insights of the ??slippery slope?? framework into the benchmark macroeconomic model of the labour market in order to study the relation between tax compliance, tax evasion and unemployment. This paper shows that the firm??s decision to evade taxes also depends on trust in tax authorities and affects one of the most important macroeconomic variables: the unemployment rate. Also, the model is able to mimic the crucial interaction between trust and power and its effects on tax compliance. The main result is that with the ??right mix?? of policy tools of deterrence, trust in tax authorities is maximised, tax compliance increases and a reduction of tax evasion may decrease unemployment.     

Redistributive Tax and Growth in a Model with Discrete Occupational Choice

An optimal redistributive tax-subsidy formula is derived for a growth model where income inequality is endogenously driven by an adult's choice of occupation between work and management. Investment in human capital is the engine of growth. The world's stock of exploitable knowledge as well as the economy's average human capital determine the potential rate of return from investment in human capital in an economy. How much available knowledge would be exploited in the economy depends on the proportion of innovators in our model. A redistributive tax reform impacts growth as well as income inequality via its influence over the occupational choice. The optimal redistributive tax rate is path-dependent in the sense that it depends on the initial wealth distribution. The normative implication of the model is that the optimal capital income tax rate could very well be positive if the initial wealth inequality exceeds a threshold. The optimal capital income tax rate depends inversely on the initial wealth inequality.     

环境偏好和环境税视角下企业技术决策博弈分析

构建双寡头垄断市场下企业技术决策的博弈模型,并将消费者环境偏好和环境税引入模型。首先分析消费者的环境偏好对市场需求的影响;然后运用逆向归纳法探讨企业在环境税约束下的两阶段博弈;最后分析消费者环境偏好和环境税对企业技术决策的综合影响。研究表明:消费者的环境偏好降低了双寡头垄断企业的市场需求,激发了企业在没有环境税下采纳绿色技术的动机;当征收环境税时,企业采纳绿色技术的效益与环境税率的关系曲线呈倒U型,消费者的环境偏好与环境税引发的效益区间正比变动。     

A general proposition on the design of a neutral business tax

A simple and general means of levying a business tax that is ‘neutral’ in the sense that it does not affect the firm's decisions at the margin is discussed. In particular, we analyze the effect of a business tax of our design on the investment decision of the firm. The well-known ‘imputed income’ and ‘immediate write-off’ methods of levying a neutral business tax are found to be special cases of our general tax design. The implication of our results is that a neutral ‘pure profits’ tax can be levied without the informational difficulties of the imputed income method or the cash flow disadvantages of the immediate write-off method.     

Choosing Democracy

In an autocracy, the ruling elite allocates resources to unproductive contest activities in order to protect its power. This paper establishes that a flatter income distribution, a slow-growing or shrinking capital stock, and a decrease in the relative size of the workforce increases the likelihood of a decision by the ruling elite to negotiate a transition to democracy. In a model of economic cooperation and political conflict, the losses from ceding control over the tax rate may be lower than the costs of defending minority privilege. These predictions are evaluated in the light of the South African and other recent transitions.     

Progressive taxation,tax exemption,and corporate liquidation policy

This paper develops a real options model of a firm that operates in continuous time with an infinite horizon. The firm receives stochastic profit flows that are subject to progressive taxation. Tax progression arises from an exogenously given tax exemption threshold that makes the average tax rate increase with the tax base. The firm possesses an option to liquidate its operation, which is optimally exercised when the firm's profit flow reaches an endogenously determined threshold level (the liquidation trigger) from above. We show that the firm's liquidation trigger under progressive taxation increases with either a reduction in the tax exemption threshold or an increase in the corporate income tax rate. Corporate income taxes are thus not neutral when tax schedules are progressive.     

Does it pay firms to register for taxes? The impact of formality on firm profitability

This paper estimates the impact of registering for taxes on firm profits in Bolivia, the country with the highest levels of informality in Latin America. A new survey of micro and small firms enables us to control for a rich set of measures of owner ability and business motivations that can affect both profits and the decision to formalize. We identify the impact of tax registration on business profitability using the distance of a firm from the tax office where registration occurs, conditional on the distance to the city center, as an instrument for registration. Proximity to the tax office provides firms with more information about registration, but is argued to not directly affect profits. We find tax registration leads to significantly higher profits for the firms that the instrument affects. However, we also find some evidence of heterogeneous effects of tax formality on profits. Tax registration appears to increase profits for the mid-sized firms in our sample, but to lower profits for both the marginal smaller and larger firms, in contrast to the standard view that formality increases profits. We show that owners of large firms who have managed to stay informal are of higher entrepreneurial ability than formal firm owners, in contrast to the standard view (correct among smaller firms) that informal firm owners are low ability.     

Gender wage penalty in parenthood: A comparative study of South Korea and Japan

Both South Korea and Japan attach significant importance to women′s marriage and their role in the family. Based on this fact, the present study analyzed gender wage penalty in parenthood in both the countries and compared the size and characteristics. We used conditional quantile regression models with counterfactual decomposition, and panel data from South Korea and Japan for 2007–2014. Results suggest that the gender wage penalty in parenthood of Japan was greater than in South Korea, indicating that discrimination against mother-workers in Japan is more serious than in South Korea. Analysis by wage distribution showed that the gender wage penalty in parenthood was high in the low-wage group in South Korea, whereas it was high for the high-wage group in Japan. This finding indicates that South Korea needs to give fair treatment to the low-wage group and mother-workers of small and medium enterprises, while Japan needs to alleviate discrimination against high-wage mother-workers.     

INCOME TAXES AND THE COMPOSITION OF PAY: EVIDENCE FROM THE BRITISH HOUSEHOLD PANEL SURVEY

According to the standard principal‐agent model, the optimal composition of pay should balance the provision of incentives with the individual demand for insurance. Do income taxes alter this balance? We show that the relative share of Performance‐related pay (PRP), on total pay is reduced by higher average and marginal income taxes. Empirical evidence based on the British Household Panel Survey is consistent with the theoretical predictions of the tax–augmented principal‐agent model. Our estimates suggest that a 10% reduction in the marginal income tax rate, holding the average tax rate constant, increases the share of PRP in total pay by 2.25–3.02%, depending on the empirical specification. Similarly, a 10% reduction in the average income tax rate, holding the marginal tax rate constant, increases the share of PRP in total pay by 5.10–5.27%.     

Ambient-based pollution mechanisms: A comparison of homogeneous and heterogeneous groups of emitters

Over the last two decades, ambient-based tax mechanisms have been offered as a potential solution to the problem of nonpoint source water pollution. Previous theoretical analyses suggest that the performance of ambient-based tax mechanisms does not depend on firm characteristics, such as size, whilst policy discussions advocate that such mechanisms are best suited for regulating relatively homogeneous firms. Using controlled laboratory experiments, we provide empirical evidence that the distribution of firm sizes does have a significant impact on observed group decision making and further that heterogeneity has the potential to generate both some relatively desirable outcomes as well as some outcomes that are not attractive. These results suggest that richer theoretical models that capture important strategic interactions and social preferences are needed to better describe laboratory behavior and, by extension, behavior in potential policy settings.     

RATE‐CUTTING TAX REFORMS AND CORPORATE TAX COMPETITION IN EUROPE

While there is a large and growing number of studies on the determinants of corporate tax rates, the literature has so far ignored the fact that the behavior of governments in setting tax rates is often best described as a discrete choice decision problem. We set up an empirical model that relates a government's decision whether to cut its corporate tax rate to the country's own inherited tax and taxes in neighboring countries. Using comprehensive data on corporate tax reforms in Europe since 1980, we find evidence suggesting that the position in terms of the tax burden imposed on corporate income relative to geographical neighbors strongly affects the probability of rate‐cutting tax reforms. Countries are particularly likely to cut their statutory tax rate if the inherited tax is high and if they are exposed to low‐tax neighbors.     

Optimal Investment and Financial Strategies under Tax‐Rate Uncertainty

Abstract. In this paper, we apply a real‐option model to study the effects of tax‐rate uncertainty on a firm's decision. In doing so, we depart from the relevant literature, which focuses on fully equity‐financed investment projects. By letting a representative firm borrow optimally, we show that debt finance not only encourages investment activities but can also substantially mitigate the effect of tax‐rate uncertainty on investment timing.     

The response of firms to eligibility thresholds: Evidence from the Japanese value-added tax

It is common to define benefit eligibility for small business policies by restrictions on the firm size. This paper documents the effects of the value-added tax (VAT) threshold in Japan, focusing on the incentives for a large firm to “masquerade” as many small firms by separately incorporating business segments. A comparison of the corporate size distributions before and after the VAT introduction of 1989 shows a clustering of corporations just below the threshold—a pattern that is attributable to the behavioral responses. To rule out the confounding influences of the changes in the company attributes over the years, we applied a semiparametric density decomposition technique developed by DiNardo, Fortin, and Lemieux (DiNardo J., Fortin N.M., Lemieux T., Labor market institutions and the distribution of wages, 1973–1992: a semiparametric approach. Econometrica 1996; 64; 1001–1044). This study suggests that the masquerading behavior by firms may be commonplace in other settings.