企业税负粘性研究:基于税务机关税收稽查的视角

以中国A股上市公司2008~2017年的数据为样本进行研究，发现我国上市公司存在明显的税负粘性现象，即营业收入减少时企业税负的减少量小于营业收入等额增加时企业税负的增加量。进一步研究发现，上述企业税负粘性受到税务机关税收稽查的影响，国税税收稽查收入比率显著影响企业税负粘性，地税税收稽查收入比率对企业税负粘性的影响不显著。最后，我们还发现企业税负粘性程度在不同产权性质的企业中存在显著不同，同时，国税税收稽查收入比率对产权性质不同的企业产生的影响也存在差异，国税税收稽查收入比率对国有企业税负粘性的影响在不显著，在非国有企业中则是显著的。     

税收执法提升了企业财务报告质量吗——基于“金税工程三期”的准自然实验

以2011~2018年中国A股上市公司为样本，以税务稽查系统改革"金税工程三期"为准自然实验，探讨税收执法的公司治理效应，采用双重差分模型，实证检验了金税工程三期改革对企业财务报告质量的影响。研究发现：金税工程三期改革显著提升了企业财务报告质量。金税工程三期改革的公司治理效应在治理环境较弱、信息透明度更低、融资需求更高的公司表现得更为显著。从作用机制来看，金税工程三期改革显著增强了税收执法力度，减少了企业的避税行为。     

产品市场竞争、公司治理与企业房地产投资——来自A股上市公司的经验证据

通过研究在产品市场竞争与公司治理不同情境中企业投资房地产的经济后果，发现房地产投资对公司市场业绩和会计业绩均存在负向影响。这种影响在竞争性行业中更加明显，并随着治理水平的下降逐渐加强。分类研究显示，在行业竞争、公司治理水平均较低或较高的情况中，负向影响较小；其他中间状态下，负向影响显著。房地产投资对会计业绩的改善效应仅存在于产品市场竞争激烈且治理较差的环境中，与之相伴的是市场业绩的显著恶化。当行业竞争激烈时，中等密集度投资能够获得会计业绩的改善，但随着密集度或投资期的增加，转变为持续恶化效应。这些结论意味着，产品市场竞争与规范的公司治理能够约束企业无效的房地产投资。     

房产税促进地区产业结构优化的路径与异质性表现——产业转移和企业创新视角的沪渝比较

房地产市场过度繁荣带来的房价过快上涨会影响要素流动和企业行为，进而加剧资源错配，不利于地区产业结构优化。征收房产税可以有效抑制房价过快上涨，通过地区相对房价的下降减轻资源错配程度，并从影响产业转移和推动企业创新两条路径促进地区产业结构优化。运用合成控制法对上海和重庆房产税改革试点的政策效应进行评估，结果表明：重庆的房产税政策有效抑制了房价过快上涨，促进了先进产业的转入和创新水平的提高，进而显著提高了地区产业结构合理化和高级化水平，地区产业结构优化效应明显；上海的房产税政策对房价上涨的抑制作用不明显，高房价阻碍了高技能人才的流入，导致其产业高级化水平的提高更多依赖于低端服务业的发展，不利于地区产业结构合理化，总体上并未能有效促进地区产业结构优化。上海与重庆房产税政策效应的差异不仅源于其政策力度的不同，还由于两地经济发展水平和产业结构的不同。房产税政策必须有效抑制房价上涨，并应结合本地经济发展实际因地制宜，才能更好地促进地区产业结构优化。     

Have SFAS 166 and SFAS 167 improved the financial reporting for securitizations?

Critics have alleged that securitization accounting prior to 2010 was among the causes of the recent financial crisis. In response to this criticism, the Financial Accounting Standards Board (FASB) implemented two new accounting standards, SFAS 166 and SFAS 167, to improve the financial reporting for securitizations. Bank regulators have stated their belief that SFAS 166/167 will result in a consolidated balance sheet (and risk-based capital ratios based thereupon) that better reflects a bank's exposure to risk related to securitized assets. We document that, by ceding retained power or influence through the servicing/special servicing functions to third parties, SFAS 166/167 resulted in real effects to the extent that banks (particularly those that were weakly capitalized) achieved their accounting objectives in the post-SFAS 166/167 period through legitimate transaction structuring in line with the intent of the new rules. Further, we use capital market participants’ assessments of risk retention by sponsoring banks as a benchmark, and provide evidence consistent with bank regulators’ beliefs. In particular, following SFAS 166/167, equity investors of sponsoring banks do not consider (consider) as risk relevant securitized assets that receive off-balance sheet (on-balance sheet) treatment. Securitized assets that are consolidated under SFAS 166/167 exhibit the same risk relevance as assets that are not securitized, despite contractual provisions that would seem to imply substantial risk transfer.     

数字普惠金融对地方税收影响的实证研究

采用北京大学测度的2011—2018年数字普惠金融指数与地方税收面板数据，研究了数字普惠金融发展与地方税收之间的关系。研究发现，数字普惠金融能够显著地促进地方税收增长，在考虑了内生性等因素后，这一结论仍然稳健地成立。分位数回归表明，数字普惠金融在低分位数上对地方税收影响小且统计显著性弱，在高分位数上数字普惠金融对地方税收的影响大且统计显著性强。数字普惠金融对地方税收的影响存在门槛效应，在不同发展阶段，其对地方税收影响有显著差异。数字普惠金融促进税收增长主要是通过数字普惠金融覆盖广度提高和移动化、便利化等程度加深实现的。     

混合股权制衡度与真实盈余管理行为

混合所有制改革形成了非国有股与国有股相互制衡的股权结构。通过研究国有企业中非国有股权和国有股权相互制衡的程度与真实盈余管理行为的关系发现：混合股权制衡度显著抑制了国有企业的真实盈余管理行为，但当国有性质股权占比小于非国有性质股权占比时上述抑制作用减弱。另外,参与混合所有制改革的金融类、外资类股权相比民营类股权制衡度，对真实盈余管理行为发挥了更显著的治理作用。机制检验发现，混合股权制衡一方面通过提升业绩，提高对真实盈余管理动机的抑制作用，从而缓解了真实盈余管理行为；另一方面通过提升内部控制对真实盈余管理的抑制作用，降低了真实盈余管理行为。以上结论有助于深化国有企业混合所有制改革，为提升混改中的审计监管质量提供参考。     

中国横向税收竞争如何影响雾霾污染——基于环保支出中介效应的研究

分税制改革以来，省级政府间税收竞争激化带来的环境污染问题正在逐步凸现。在此背景下，首先从理论层面分析了税收竞争、环保支出及雾霾污染的关系，并提出假说；其次建立空间杜宾模型测度了税收竞争对雾霾污染的直接效应、间接效应和总效应，并利用中介效应方法实证检验了税收竞争通过环保支出对雾霾污染的作用路径。研究结果表明，税收竞争显著加剧了本地区雾霾污染，但是其间接效应和总效应并不显著；此外，环保支出是税收竞争影响雾霾污染的一个主要中介变量。     

Pure rent taxation and allocation of capital in a two-sector open economy: A long-run analysis

In this paper, the long-run incidence of a tax on pure rent is analyzed in an OLG two-sector small open economy, in which one sector produces a capital good and one sector a consumer good. Contrary to what is obtained in a one-sector closed economy, a land rent tax does not necessarily foster nonhumam wealth accumulation and capital formation. The accommodating scheme for the government budget plays a crucial role for the effects of pure rent taxation. A rent tax stimulates nonhuman wealth if distortionary taxes on wealth or on income from nonland inputs are alleviated. The mechanism spurring capital formation is brought into action, instead, only when the rent tax is matched by a fall in capital taxation or, if the capital sector is capital intensive, by an increase in government spending on the capital good.     

A Meta‐Analysis on the Elasticity of Demand for Pesticides

There is an increasing policy interest in pesticide taxation schemes as a measure to reduce harmful effects of pesticide use. The effectiveness of such tax depends, however, on the price elasticity of demand for pesticides. Moreover, information on these demand elasticities and their determinants is of crucial relevance for policy‐making and normative modeling approaches. In this article, we present a meta‐analysis based on studies that have estimated pesticide demand elasticities in Europe and North America. Our meta‐analysis reveals that the own‐price elasticities of demand for pesticides are, with a median of ?0.28, significantly smaller than zero, but also significantly larger than ?1, i.e. to be inelastic. We find that the demand for pesticides for special crops is less elastic than that for arable and grassland. In addition, the demand for herbicides is more elastic than for other pesticides. Studies that consider only short‐term horizons and little flexibility for farmers to adjust to price changes generate significantly less elastic pesticide demands. The results also indicate that more recent studies identify lower pesticide price elasticities of demand. Furthermore, we find that peer‐reviewed studies tend to find more inelastic results compared to grey literature.