光華講壇——社會(huì)名流與企業(yè)家論壇第6714期
主題：Can Tax Credit Undo Capital Misallocation—Evidence from China's VAT Transformation Reform稅收抵免能否扭轉(zhuǎn)資本錯(cuò)配—來(lái)自中國(guó)增值稅轉(zhuǎn)型改革的證據(jù)
主講人：西澳大學(xué)商學(xué)院 陳曉光副教授
主持人：財(cái)政稅務(wù)學(xué)院院長(zhǎng) 李建軍教授
時(shí)間：3月24日10:00-11:30
地點(diǎn)：柳林校區(qū)格致樓918會(huì)議室
主辦單位：財(cái)政稅務(wù)學(xué)院 科研處
主講人簡(jiǎn)介：
陳曉光，西澳大學(xué)商學(xué)院副教授，獲倫敦政經(jīng)學(xué)院博士以及北京大學(xué)博士學(xué)位，澳大利亞國(guó)立大學(xué)稅收與轉(zhuǎn)移支付政策研究所（TTPI）、清華大學(xué)中國(guó)財(cái)政稅收研究所（NIFS）、中國(guó)人民大學(xué)財(cái)稅研究所（IPFT）等機(jī)構(gòu)兼職研究員。研究關(guān)注稅收制度的經(jīng)濟(jì)效應(yīng)，獨(dú)立作者在Journal of Public Economics、The Journal of Law,Economics,and Organization、《中國(guó)社會(huì)科學(xué)》《經(jīng)濟(jì)研究》等中英文主流期刊發(fā)表文章多篇。獲Gregory Chow最佳論文獎(jiǎng)、中國(guó)首屆公共財(cái)政論壇最佳論文獎(jiǎng)。
內(nèi)容提要：
We investigate the effect of investment tax credit on allocative efficiency of capital across firms. Most existing studies examined the average effect on investment of individual firms, and found that the lumpy investment caused by investment frictions plays an important role in that average effect. We argue that the investment frictions should affect both upward and downward adjustment in capital in a standard model of physical capital market with frictions. Tax credit may not only incentivize investment of some firms but also boost dis-investment of others. Motivated by that argument, we focus on the heterogeneous effect across firms characterised by their initial MRPK (or TFP) in order to examine the capital reallocation. Based on the first two pilots of VAT transformation reform in China and firm data from Annual Survey of Industrial Production conducted (2000-2008), we employ the Difference-in-Difference-in-Differences (DDD) to identify the effect of investment tax credit on firms' real capital stock and marginal revenue product of capital (MRPK). The results suggest that the tax credit reform led to reallocation of capital and convergence in MRPK across firms. The reallocation improves the aggregate efficiency measured by various indicators. However, regressions including stronger fixed effects do not show significant effects either on firms' average TFP or on dispersion in firms' market power. The finding suggests that we should be cautious about the average effect of tax incentives on investment since it could be small, ambiguous, or not robust due to opposing heterogeneous effects across firms; while that the effect on the aggregate efficiency could be salient thanks to the capital reallocation.
本講座旨在探討投資稅收抵免對(duì)企業(yè)間資本配置效率的影響。大部分現(xiàn)有研究著眼于稅收抵免對(duì)個(gè)體企業(yè)投資的平均效應(yīng)，并發(fā)現(xiàn)投資摩擦導(dǎo)致的投資非連續(xù)性對(duì)稅收抵免的效果具有重要影響。理論分析表明，投資摩擦對(duì)資本存量的增加與減少都會(huì)產(chǎn)生影響。投資抵免在刺激部分企業(yè)增加資本的同時(shí)，也促使部分企業(yè)向下調(diào)整資本存量。鑒于此，我們聚焦于具有不同初始MRPK（或TFP）的企業(yè)的異質(zhì)性效應(yīng)，以研究企業(yè)間資本再配置及其對(duì)總體生產(chǎn)效率的影響?；谖覈?guó)增值稅轉(zhuǎn)型前兩輪試點(diǎn)改革以及2000-2008年工業(yè)企業(yè)調(diào)查數(shù)據(jù)，我們采用三重差分法（DDD），識(shí)別投資稅收抵免對(duì)企業(yè)間實(shí)際資本存量再配置和資本邊際收益差異的影響。結(jié)果表明，稅收抵免導(dǎo)致了企業(yè)間資本再配置和MRPK收斂，要素再配置提高了多種指標(biāo)度量的總體生產(chǎn)效率。同時(shí)發(fā)現(xiàn)，如果回歸中引入比現(xiàn)有文獻(xiàn)更強(qiáng)的固定效應(yīng)，則未發(fā)現(xiàn)稅收抵免對(duì)企業(yè)平均TFP以及市場(chǎng)力量離散度有顯著影響。這些發(fā)現(xiàn)表明，由于公司異質(zhì)性效應(yīng)會(huì)相互抵消，我們?cè)谘芯慷愂占?lì)對(duì)投資的平均效應(yīng)時(shí)應(yīng)持謹(jǐn)慎態(tài)度。盡管平均效應(yīng)可能強(qiáng)度很小、方向不確定、結(jié)果不穩(wěn)健。但得益于企業(yè)間資本再配置，稅收激勵(lì)對(duì)總體生產(chǎn)效率依然可能產(chǎn)生顯著影響。
