税率调整、产权安排与实际税负差异——基于两税合并的经验证据

 本文研究了所得税外生性变化对不同产权性质企业实际税收负担的影响。研究发现：（1）新企业所得税法实施后国有企业和民营企业的整体税负以及法定税率下降的国有企业和民营企业的实际税负都有所下降，而且两类企业实际税负下降幅度无差异；（2）新企业所得税法对企业实际税负的调节效应在2008年释放完毕，2009年公司实际税负没有发生持续性变化；（3）进一步的证据表明，新税法实施后国有企业和民营企业整体税负无显著差异。     

以家庭为单位征收个人所得税的制度设计问题--基于三种所得税征收模式的讨论

1993年确立的我国现行个人所得税征收模式,随着经济形势的发展变化,虽然做过数次局部调整,从整体来看与经济发展的匹配度仍然不高。学界对我国个人所得税制度的改革主要持两种观点,一种认为应该坚持并完善现行成熟的分类所得税制,通过征管手段的提高,强化源泉课税,减少税收流失。另一种观点则主张放弃现行的分类所得税制,选择实行综合所得税制。本文主要对以家庭为单位征收个人所得税,是以分类所得税制、综合所得税制,还是混合所得税制为基础更适应现实国情的问题展开分析,在此基础上提出了混合所得税制之下实行以家庭为单位征收个人所得税的制度假设。     

新加坡个人所得税初探

新加坡是一个典型的低税负国家,个人所得税是其最主要的税种之一。与其他税种相似,新加坡个人所得税也具有宽税基、低税率的特点。同时,新加坡的税收征纳效率也是值得称道的。通过研究新加坡个人所得税的设计及征纳情况,可以为我国的个人所得税改革和完善提供更丰富的样本经验。     

Taxes and the Financial Structure of German Inward FDI

The paper analyses the financial structure of German inward FDI. Intra-company loans granted by the parent should be all the more strongly preferred over equity the lower the tax rate of the parent and the higher the tax rate of the German affiliate. We find that the corporate tax rate of the foreign parent has no significant impact on the financial structure of a German subsidiary. However, among subsidiaries that are directly held by a foreign investor those firms that on average are profitable react more strongly to changes in the German corporate tax rate than this is the case for less profitable firms. This gives support to the frequent concern that high German taxes are partly responsible for the high levels of intra-company loans. Taxation, however, does not fully explain the high levels of intra-company borrowing. Roughly 60 per cent of the cross-border intra-company loans turn out to be held by firms that are running losses. JEL no. F23, H25     

国地税合并与企业债务融资——基于税收征管独立性视角

文章将2018年国地税合并改革视为一项"准自然实验",采用双重差分方法从税收征管独立性视角考察了其对企业债务融资行为的影响。研究发现,国地税合并会导致企业总体债务规模显著上升。区分债务类型来看,国地税合并未促使企业增加具有利息税盾效应的银行贷款,而是促使企业增加了不具有利息税盾效应的商业信用,这一结果否定了债务税盾效应假说,而支持了流动性约束效应假说。异质性分析表明,在非国有企业、融资约束严重的企业以及成本转嫁能力较弱的企业中,国地税合并对企业债务规模的促进作用更为凸显,再次验证了流动性约束效应假说。此外,文章还发现在国地税合并之后,企业的经营绩效和股利分配显著下降以及财务风险显著上升。文章结论表明,在国地税合并改革过程中,政府部门需要注意税收征管加强给企业带来的流动性约束,这对于现阶段的税收征管体制改革具有一定的实践参考意义。     

Tax enforcement and corporate employment: Evidence from a quasi-natural experiment in China

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.     

征税能抑制企业涉房投资吗——兼论“脱实向虚”的另一条路径

近年来企业过度持有不动产的涉房投资倾向引发广泛关注，也背离了"脱虚向实"的政策导向。文章基于土地增值二次分配理论，利用2007-2019年我国沪、深两市上市公司微观数据考察了持有环节和转出环节税收对企业涉房投资行为的影响。实证结果显示：因为税基不能随房地产市场价值灵活升高，造成持有环节的房土两税表现出一定的累退性特征，从而无法有效抑制企业涉房投资；相比而言，转出环节的土地增值税能够显著抑制企业涉房投资倾向。进一步基于省级宏观面板数据的非对称反应模型估计结果显示，当前各地区土地增值税的征管力度受到地方政府的刻意操控，出现了相邻省份之间的标杆竞争现象，特别是省份间的竞低效应尤其突出，这对有效发挥土地增值税的作用产生了不利影响。文章的研究对未来进一步完善税制改革和引导企业投资"脱虚向实"具有一定的参考意义。     

“营改增”提高还是降低了服务业企业的技术创新意愿?——来自中国上市公司的实证

文章以"营改增"试点服务业企业为研究对象,利用2008-2015年中国上市公司数据,借助政策实施前后公司专利数量的变化,从创新数量和创新质量双视角经验研究了"营改增"对服务业企业技术创新意愿的影响。双重差分模型（DID）、双重差分倾向得分匹配模型（PSM-DID）以及三重差分模型（DDD）的估计结果都一致地表明,"营改增"政策显著地抑制了服务业企业的技术创新意愿;进一步地,通过作用机制检验发现,"营改增"对服务业企业技术创新意愿的抑制作用可以通过提高企业绩效实现。上述检验结果意味着,"营改增"通过提高服务业企业的经营绩效使得企业在较低的创新水平上也能够很好地生存,鉴于技术创新的高风险性,企业行为更趋于短期化,对技术进步和提高生产率缺乏足够的动力和热情。文章不仅丰富了"营改增"之于企业创新的实证研究,而且有助于理解中国企业缺乏创新动力的制度性诱因,对政府后续产业政策的制定具有重要而明晰的政策含义。     

纳税信用评级制度与企业创新——“赏善”比“罚恶”更有效？

前期研究证实纳税稽查、反避税等强制性税收征管可以规范企业纳税行为,对企业产生"约束效应",而不同于以往的强制性税收征管,纳税信用评级制度具有一定的激励性。由此,文章以2014年颁布实施的纳税信用评级制度刻画了激励性税收征管,基于这一新的视角,分析了激励性税收征管对企业创新投资的影响。利用2010-2017年沪深A股上市企业研发支出数据,文章采用PSM-DID模型估计了激励性税收征管对企业创新投资影响的"净效应"。结果表明,纳税信用评级制度实施后,纳税信用等级为A的企业,其创新投资显著增加,且这一效应在媒体关注程度低的企业、非国有企业及高新技术企业中更加明显。进一步的作用机制检验发现,激励性税收征管一方面通过增加信贷融资规模进而对企业的创新投资产生积极作用,另一方面通过增加市场关注压力进而对企业的创新投资带来负面影响,但由于积极作用要远大于负面影响,从而激励性税收征管表现出对企业创新投资的"激励效应"。     

我国股票期权企业所得税税收政策研究

2005年财政部、国家税务总局发布了《关于个人股票期权所得征收个人所得税问题的通知》(财税〔2005〕35号),首次明确了要对员工取得的股票期权收入征收个人所得税。但对于企业所得税方面的规定目前还是空白,需要尽快出台与股票期权激励计划有关的企业所得税方面的政策,以促进其发展。本文首先介绍我国的股票期权税收政策;其次对股票期权涉及的企业所得税方面的问题进行了探讨;最后对我国在制定股票期权企业所得税政策时须注意的问题提出了建议。     

税收征管与企业对外投资:来自“金税工程三期”的证据

近些年来，我国对外投资规模迅猛增长，税收征管强度也在不断提升。那么，税收征管是否推动了中国企业的对外投资行为呢？鉴于鲜有文献探讨这一极具现实意义的话题，本文利用"金税工程三期"政策上线这一提高税收征管能力的准自然实验，采用双重差分法首次实证检验了税收征管对企业对外投资行为的影响作用。研究发现："金税工程三期"这一增加企业纳税遵从度、促进"应收尽收"的税收征管政策冲击显著地提高了企业对外投资的可能性、增加了企业对外投资规模，并且这一结论在引入更多控制变量并排除同期其他政策干扰、安慰剂检验、更换样本周期、倾向得分匹配分析等情况下依旧稳健。潜在的影响机制分析发现，"金税工程三期"这一税收征管政策冲击增加了企业的避税动机，表现为企业偏好于向税率低的东道国进行投资。异质性检验结果显示，"金税工程三期"这一税收征管政策冲击对企业对外投资行为的影响作用在不同对外投资事件类型、不同所有制类型的企业、不同地区、不同行业之间存在明显差异。最后，依据本文结论提出了积极落实减税降费政策、适度地提升银行业竞争水平的政策建议。     

官员腐败对公司实际税率影响的实证研究

税收政策是国家重要的财政政策,当前中国官员在税收执行方面拥有很大的自由裁量权,即政府官员在决定公司享受税收优惠政策上有很大的支配权和决策空间。税务负担是企业的重要支出,为了减轻税务负担,企业有行贿官员以达到降低税务负担的动机。本文以1993～2008年来披露的省部级腐败官员的案例为基础,手工收集涉及腐败官员的上市公司,实证分析了官员腐败对公司税负的影响。研究发现,在行贿事件发生后,相对于没有行贿的公司,行贿公司的实际税率更低,而且行贿公司的实际税率在行贿事件发生后下降。我们认为应该缩小政府职能范围,限制政府官员的权利,建立官僚体系内部的约束激励机制。     

The complicit role of local government authorities in corporate bribery: Evidence from a tax collection reform in China

In January 2002, China decided to centralize corporate income tax collection, shifting the collection authority from the local tax bureaus (LTBs) to the state tax bureaus (STBs), for all firms established after December 31, 2001. We exploit this exogenous shock to identify a new cause for corporate bribery, namely, the complicit role of local government authorities. We find that firms whose income taxes are still collected by LTBs after the reform bribe more than similar firms whose taxes are collected by STBs. Such effects are more pronounced for firms located in provinces where government intervention is more prevalent and where judicial system is less independent. Moreover, we find that firms whose taxes are collected by LTBs enjoy lower tax burdens and receive greater tax-related subsidies, especially when they bribe more. Overall, our results highlight the reciprocation between local government authorities and firms in determining corporate bribery.     

新《企业所得税法》和谐理念的解读

十届全国人大五次会议审议通过的《中华人民共和国企业所得税法》将于2008年1月1日起施行,这是我国税收制度的一项重大改革。本文结合新税法的相关条款,具体分析并解读新税法中的和谐理念以对我国社会主义市场经济结构进行调整和规范。     

Does an R&D tax credit affect R&D expenditure? The Japanese R&D tax credit reform in 2003

To what extent does a tax credit affect firms’ R&D activity? What are the mechanisms? This paper examines the effect of R&D tax credits on firms’ R&D expenditure by exploiting the variation across firms in the changes in the eligible tax credit rate between 2000 and 2003. Estimating the first-difference equation of the linear R&D model by panel GMM, we find the estimated coefficient of an interaction term between the eligible tax credit rate and the debt-to-asset ratio is positive and significant, indicating that the effect of tax credit is significantly larger for firms with relatively large outstanding debts. Conducting counterfactual experiments, we found that the aggregate R&D expenditure in 2003 would have been lower by 3.0–3.4 percent if there had been no tax credit reform in 2003, where 0.3–0.6 percent is attributable to the effect of financial constraint, and that the aggregate R&D expenditure would have been larger by 3.1–3.9 percent if there had been no cap on the amount of tax credits, where 0.3–0.8 percent is attributable to relaxing the financial constraint of firms with outstanding debts.     

财政压力对企业慈善捐赠行为影响的实证研究

慈善捐赠是企业履行社会责任的一种重要形式。以中国2011—2020年上市公司为样本,考察财政压力对企业慈善捐赠的影响,并探讨企业税负在财政压力与企业慈善捐赠二者之间的作用。研究发现,地方财政压力越大,越能促进该地区的企业捐赠,且企业税负在财政压力与企业捐赠之间存在反向调节作用。政府可以通过制定合理的财政收支规划,规范税收标准,为企业提供良好的税收环境,正确引导企业捐赠行为。     

The Effects of the Tax Cuts and Jobs Act of 2017 on Defined Benefit Pension Contributions*

This study examines the effect of the Tax Cuts and Jobs Act of 2017 (TCJA) on corporate defined benefit pension contributions. The TCJA decreases the corporate tax rate from 35 percent in 2017 to 21 percent in 2018 and thereafter. This change incentivizes firms to increase 2017 pension contributions to take advantage of tax deductions at a higher rate. Consistent with this incentive, we find firms increase defined benefit pension contributions by an average of 25 to 31 percent in 2017 compared with earlier years. We also find that taxpaying firms are the primary contributors. Further, taxpaying firms with high levels of pension-related deferred tax assets contribute over three times as much as taxpaying firms with low levels of pension-related deferred tax assets. We also find firms that increase pension contributions in 2017 reduce 2018 contributions, consistent with intertemporal income shifting rather than a permanent change in pension funding strategy.     

The Complementarity between Tax Avoidance and Manager Diversion: Evidence from Tax Haven Firms

We investigate whether tax avoidance and manager diversion are complementary when the costs of diversion are low by comparing dividend payouts, performance, and overinvestments of tax haven firms versus other multinational firms based in countries with weak and strong investor protections. Desai and Dharmapala (2006, 2009a, b) and Desai et al. (2007) set forth a theory of tax avoidance within an agency framework (the D&D theory) based on the assumption that tax avoidance and manager diversion are complementary when the corporate governance system is “ineffective” (i.e., the manager's expected costs of diversion are low). Tax haven firms are corporate groups whose parent firms are incorporated in tax haven countries that are not the countries where the groups’ headquarters or primary operations are located (i.e., their “base” countries). We argue that tax haven incorporation potentially lowers the costs of diversion for managers of firms based in countries with weak investor protections. Using a sample from 28 base countries, we provide evidence that manager diversion and tax avoidance are complementary for tax haven firms based in countries with weak investor protections but not for tax haven firms based in countries with strong investor protections. Our results are consistent with the complementarity assumption underlying the D&D model and provide additional insights into the potential impact of the decentralization of the global firm.     

新企业所得税法六大税收筹划策略

随着2008年1月1日新企业所得税法的实施,企业所得税的税收筹划策略将会发生很大的变化。本文就新企业所得税法提出了六大税收筹划策略,即企业组织形式的筹划、总分支机构的筹划、计税依据的筹划、税率的筹划、税收优惠的筹划和关联交易的筹划。     

消费税的调整及燃油税的征收对成品油市场的影响分析

2006年3月21日,财政部、国家税务总局联合下发通知,从2006年4月1日起,对我国现行消费税的税目、税率及相关政策进行调整。与此同时,国家有关部门多次表示燃油税的征收也将适时出台,这些政策的调整将对国内成品油市场产生直接而深远的影响,现就消费税的调整及燃油税的征收对国内成品油市场的影响进行简要分析。