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1.
How to stimulate corporate performance is a crucial issue of general concern in all countries. This paper examines how China’s Income Tax Revenue Sharing Reform in 2002 affects corporate financial performance. Unlike general tax policies that directly adjust the nominal tax rate or depreciation allowance, this reform indirectly affects the effective Enterprise Income Tax (EIT) rate by switching tax administration, thereby affecting corporate financial performance. We use a firm-level data-set from Annual Survey of Industrial Firms (ASIF), and test the impact by using a quasi-natural experimental design through regression discontinuity design (RDD). We find that after the reform, the effective EIT rate (ETR) of enterprises collected EIT by State Administration of Taxation (SAT) was 10% lower than that of enterprises collected EIT by the Local Administration of Taxation (LAT). If the ETR reduces by 1%, corporate financial performance, more specific, Return on Asset (ROA), increases by 1.7%. There are two available channels: increasing fixed asset investment (FAI), and alleviating external financial constraints. Additionally, the impact can be weakened for locally SOEs, large firms, firms with low SA index and those in less competitive industries. 相似文献
2.
This paper studies how economic policy uncertainty affects corporate tax burden. We show that economic policy uncertainty is positively related to corporate tax burden, and the effect is stronger when the tax quotas are higher. Furthermore, we find that economic policy uncertainty strengthens tax collection by increasing government fiscal pressure, thereby increasing corporate tax burden. Besides, the effects of economic policy uncertainty on corporate tax burden are primarily significant in state-owned enterprises (SOEs), non-high-tech firms, firms from the eastern areas and service industry firms. The evidence illustrates that keeping the transparency and stability of economic policies helps to cut tax burden effectively. 相似文献
3.
In this paper, we use China’s value-added tax (VAT) reform in 2007, which was aimed to encourage fixed investment purchasing, as a natural experiment to explore the effect on firm financial leverage. Results show an expansion in firm balance sheet after the reform, manifested by greater liabilities (long-term, short-term and total liability) and asset. Moreover, in terms of the ratio to asset, it’s found that long-term liability rose while the short-term liability dropped, and as a net effect, the total asset-liability ratio declined as the latter effect dominated. To theoretically explain the observed patterns, three mechanisms are highlighted, “income effect”, “maturity-match effect” and “market disciplining effect”, where income effect corresponds to a proportional expansion of balance sheet while the latter two effects alter the composition of firm leverage. 相似文献
4.
从今年4月1日起,我国开始实行新的消费税政策。新政策对消费税的税目、税率进行了必要的调整。这是自1994年设立消费税之后的最大一次政策调整。此次改革在社会上引起了强烈反响,同时也引起了一些质疑和争论。文章分析了目前消费税征税环节错位产生的负面影响,对此次消费税改革提出了质疑和进一步的改革建议。 相似文献
5.
China's fiscal arrangement in the 1980s has preserved local governments' incentive but the 1994 fiscal reform recentralized revenues. Since then, farmers' tax burdens have risen steeply and become a major challenge to the state legitimacy. How to account for the huge regional variation? Why were some localities able to tax more heavily than others? Based on a national survey of village governance in China, we examine farmers' burdens empirically and identify political and social factors that explain the local governments' ability to tax farmers. This paper suggests that developments since the 1990s have shown that it overstates local discretionary power and does not pay enough attention to societal forces in understanding local public finance. 相似文献
6.
一、国税和地税分设存在的主要弊端1.从政治角度来分析。一是我国是多民族团结统一的大国我国公民的文化素质较低,法制观念还不高,将国家税收人为地分为国税,地税,容易给人灌输一种中央收国税,地方收地方税的感觉,无形之中形成一种中央和地方的对立,隐含着一种分庭抗衡现象。二 相似文献
7.
This paper estimates the impact of a health insurance reform on health outcomes in urban China. Using the China Health and Nutrition Survey1 we find that this reform increases the rate of health insurance coverage significantly among workers in Non-State Owned Enterprises. The double difference (DD) estimations show that the reform also leads to better health outcomes: workers are less likely to get sick and more likely to use preventive care. Using an instrumental variable (IV) approach to look at the causal effect of health insurance, we find those with health insurance use more preventive care but do not report significantly better health outcomes, an increase in health care utilisation, or an increase in out-of-pocket medical expenditure. 相似文献
8.
We employ a new classification of ownership identity to analyze the impact of ownership structure on enterprise performance in China. Using both fixed effects model and Generalized Methods of Moments (GMM), this study finds that marketized state-owned enterprises outperform firms controlled by the government, indicating that partial privatization of state-owned Chinese firms improves corporate governance. Non-controlling large shareholders of marketized state-owned enterprises and private enterprises are found to play active roles in corporate governance. Lastly, there is evidence that ownership concentration of a controlling shareholder decreases the incentives to expropriate minority shareholders. 相似文献
9.
The tax incentives designed to stimulate firm investment may have a large and unexpected impact on labor market outcomes. Using a comprehensive data set on Chinese manufacturing firms during the period 1998–2007 with a difference-in-differences approach, we examine the impact of the value-added tax reform in 2004 on the firm-level labor market outcomes. We find that firms in eligible industries and pilot regions (treated firms) enjoying lower costs of purchasing fixed assets under the reform tended to increase capital investment and reduce employment simultaneously relative to firms that did not have tax incentives (the control firms). Compared with the control firms, the treated firms became more capital intensive but had declines in labor share in value added and average wage. We also find that the employment adjustment is associated with increase in the share of skilled workers in terms of engineers and technicians, but not workers with a college degree or higher. 相似文献
10.
This study investigates how tax enforcement affects corporate employment in China. We utilize the merger of the State Tax Bureau and Local Tax Bureaus as a quasi-natural experiment and adopt a difference-in-differences framework to identify causality. The results show that tougher tax enforcement has a significant and negative effect on corporate employment and that this effect is more pronounced for firms with higher labor intensity, greater financial constraints, more severe labor market frictions, a lower initial tax rate, lower tax transfer ability, and greater credit market imperfections. Further, the mechanism tests demonstrate that tougher tax enforcement leads to increases in the effective income tax rate, cash holdings, and the cash flow sensitivity of real investment but decreases in accounts receivable and dividend payments. These results are consistent with the liquidity constraints channel. In addition, we exclude several alternative explanations and conduct a series of robustness checks. Overall, our findings indicate that corporate tax enforcement has large effects on the local labor demand, which provides some useful insights for local governments to stabilize employment during the COVID-19 pandemic. 相似文献
11.
China recently initiated a major tax reform to convert business tax to value-added tax (BT-to-VAT reform), which opened up the tax deduction chain between industries. We used difference-in-differences model and an administrative firm-level dataset from 2011 to 2017 to explore the effect of BT-to-VAT reform on productivity. We found that in contrast to control firms, this reform increased the productivity of the treated firms by 14.6% on average. The positive effects tended to be strengthened in private, large-scale, and capital-intensive firms, as well as in firms with tight financing constraints. Moreover, these positive results of the BT-to-VAT reform appeared to be driven by its positive effect on fixed asset investment, R&D expenditure, and specialization. These findings demonstrate the transformation of tax system has multiple economic effects in developing countries. 相似文献
12.
Mustafa K Hussein 《Development Southern Africa》2003,20(2):271-282
The promotion of basic elements of good governance including community involvement through a decentralised local governance system has been at the centre stage since the advent of the multiparty democracy in Malawi in the 1990s. This article examines the role of Malawian local government in community development and analyses the context of community involvement in local governance. The article is primarily based on documentary research, which includes journal and newspaper articles, and interviews with senior district assembly officials and local people. The major conclusions drawn are that, firstly, the decentralisation process tends to feature the district assembly very highly, with little clarity on how community-based institutions are integrated into the local government system. Secondly, the political, socio-economic and administrative factors prevailing at the local level need to be addressed pragmatically for efficient and effective community participation in development. 相似文献
13.
Using the unique setting in China's economic transition and market reform, we investigate whether CEOs' experience regarding an economic boom affect corporate financing decisions. Economic booming, as a result of China's reform and open policy since 1978, affects individual risk preferences and decision behavior for those who grew up during the reform process. We find that Reform-and-Opening CEOs, who experience the reform and open-up era early in life, implement more aggressive capital structure policies and maintain higher leverage compared to Planned Economy CEOs. Furthermore, we determine that Reform-and-Opening CEOs tend to conduct debt issuance more frequently to cover financing needs as they can better deal with the liquidity risk of debt financing and confront the pressures arising from frequent monitoring by the debt markets. Using the stagewise regression, we find a cumulative effect of early growth experience. We also use the common trend test and placebo tests to deal with the concern that Reform-and-Opening CEOs pursue significantly more aggressive financial policies relevant to the systematic differences. Additional tests rule out the possibility that our results are driven by industry competition, state ownership, and educational ideology. 相似文献
14.
Previous studies have shown that Chinese citizens generally are optimistic about their economic opportunities and tolerant of the high levels of inequality in their society. This paper conducts a random survey experiment to examine whether the established views on fairness and inequality change after the respondents receive the general information on wealth concentration or the customized information on their household income ranking. We find that both types of information lead respondents to view society as less fair than they had initially believed. The information on the wealth concentration also increases public concern about social inequality. Nevertheless, neither information offered to the respondents make them think that government should play a more significant role in reducing inequality. This lack of demand for government intervention may be partially explained by a lower level of trust in the local government induced by the two information treatments. 相似文献
15.
We examine the impact of an accelerated depreciation tax policy (ADP) on employment. As a tax incentive policy, we expect an ADP to impact firm behavior significantly, but its effect on employment remains uninvestigated. Leveraging the two-stage implementation of an ADP in selected industries in China in 2014 and 2015 and using a difference-in-differences research design, we find that: 1) the ADP significantly increases employment, which is consistent with the output effect hypothesis; and 2) the ADP increases firms’ labor demand, mainly by stimulating investment in fixed assets and easing their financial constraints. Additional analysis suggests that the impact of ADP on employment is more salient for small firms, non-state-owned firms, and high growth firms, and skilled labor employment, indicating that the ADP is more effective for firms with high financial constraints and hiring skilled labor to accompany the increase in capital investment. 相似文献
16.
Sizhong Sun 《Journal of Asian Economics》2012,23(4):434-441
This paper investigates the impact of FDI on domestic exporting firms. We show that domestic firms respond to an increase in the presence of FDI by increasing their exports even though the increase in foreign presence can drive up production costs and make the domestic market more profitable. Our test case for this hypothesis is China, where we confirm the significant positive impact of FDI on domestic firms’ exports. This finding sheds light on the massive exports and rapid inflow of foreign investment that have been observed in China in the past three decades. 相似文献
17.
The deterioration of pollution problem has increased environmental disputes. However, little is known about the relationship between intensive judicial oversight and corporate green innovations. Regarding the establishment of environmental courts in China as an almost ideal quasi-natural experiment, this paper identifies the impact and mechanism of environmental courts on corporate green innovations. We find that: (1) environmental courts have a significant positive impact on green innovations. However, by employing instrument variable (IV) strategy to alleviate the endogenous issues, we find environmental courts mainly promote the quantity of green innovations; (2) the positive effect on green innovations is more salient for firms in the industry with high pollution intensity, state-owned enterprises, and firms in regions with stricter mass supervision; (3) environmental courts can improve the efficiency of dealing with environmental disputes and alleviate the collaboration between government and firms. Therefore, it could promote corporate green innovations with the increasing pressure for pollution abatement; (4) environmental courts could cause additional costs to firms, such as crowding out non-green innovations and decreasing corporate TFP in the short term. Meanwhile, the establishment of environmental courts could also achieve specific social welfare effects, which is conducive to improving local environmental quality. This paper provides implications for judicial oversight of regulators on environmental protection. 相似文献
18.
Countries that are industrialized, or becoming so, must adopt tax systems that are capable of raising considerable amounts of revenue efficiently, equitably and with administrative simplicity, while at the same time coping with the competitive features of a globalized world economy. A component of that tax system will be direct taxation of households alongside general sales and payroll taxation. This paper addresses the role that capital income taxes should play in the income tax system. Arguments for the preferential treatment of capital income are summarized, and a case is made for adopting a schedular approach in which capital and labor income are taxed according to separate rate structures. The particular case of the dual income tax system used in the Nordic countries is advocated whereby capital income is taxed at a low, flat rate and non-capital income is taxed progressively. It is argued that this system best combines the objectives of a good tax system in an internationally competitive environment. 相似文献
19.
This paper uses 13,766 firm-year observations between 2003 and 2013 from China to investigate the effects of monetary policy on corporate investment and the mitigating effects of cash holding. We find that tightening monetary policy reduces corporate investment while cash holdings mitigate such adverse effects. The cash mitigating role is especially significant for financially constrained firms, non-state-owned enterprises (non-SOEs) and those firms located in a less developed financial market. Cash holding also improves investment efficiency when monetary policy is tightening and tightening monetary policy enhances the ‘cash-cash flow’ sensitivity. Our empirical evidence calls for a critical evaluation on the monetary policies implemented in China which are less effective for state-owned enterprises. It also calls for a necessity for local government to further develop regional financial markets to protect vulnerable businesses, such as non-SOEs and financially constrained firms, from external shocks in order to maintain their sustainable growth and competitive advantages. 相似文献
20.
This paper examines the effect of grassroots work experience on the working capacities of Chinese officials and how this effect manifests in their measurable performance. Using the Chinese Industrial Enterprises Database (CIED, 1998–2007) and provincial-level local taxation directors’ personal data, we assess the actual tax burden of firms as a measure of directors’ tax levy performance. We analyze these officials’ grassroots work experience data in relation to the level of tax levy in their jurisdictions and find that grassroots work experience significantly improves jurisdictional tax levy performance, reflecting an enhancement effect on directorial capacity associate with grassroots work experience. This relationship remains robust even as we examine alternative hypotheses such as post-employment education, first-time appointment age and promotion incentives. Our analysis reveals that the threat of local tax penalties and the rate of tax offenses are two important mechanisms relating to this measure. Moreover, our findings are particularly significant in local taxation directors with higher first-time employment age and grassroots experience related to economics. Overall, this paper supports the notion that grassroots work experience plays a key role in shaping officials’ working capacity and provides suggestions for optimizing the tax levy system. 相似文献