摘要
实体经济"脱实向虚"正在逐步侵蚀我国制造业的基础,如何遏制非金融公司金融化是深化供给侧结构性改革、防范化解金融风险的关键所在。文章将加速折旧试点政策作为实体经济所得税优惠的自然实验情景,考察税收激励对公司金融化的影响。结果表明,税收激励具有显著的"去金融化"效果。渠道检验发现,加速折旧政策促进了固定资产投资与研发投入,进而抑制公司金融化倾向。横截面分析结果显示,税收激励对公司金融化的政策影响在纳税遵从较高、投资不足与融资约束的公司中更为突出。研究结论为减税降费在供给侧改革中的应用提供了经验证据,对促进金融资源回归服务于实体经济的本源具有一定的参考意义。
In real economy,"quit the real to the virtual"is currently eroding the basis of manufacturing in China,then how to prevent non-financial companies from financilising,which is the key issue to deepen in the supply side reform,as well as to avoid and eliminate the financial risks.Using the accelerated depreciation policy as a natural experiment of income tax incentive for real economy,this paper analyzes the impact of tax incentives on financialisation by Difference-in-Difference method.The results show that tax incentive has an obvious effect on firm definancialisation.The channel tests show that the policy promotes the investment in fixed assets and R&D input,thus inhibiting the tendency of financialisation.In addition,the cross-section analysis shows that the impact of tax incentives policy on financialisation is more obvious for the companies with high tax compliance,financial constraints,and insufficient investment.This paper provides empirical evidence for the application of tax reduction in supply side reform,and also has certain significance for promoting the return of financial resources to serve the real economy.
作者
叶陈刚
黄冠华
朱郭一鸣
YE Chengang;HUANG Guanhua;ZHU Guoyiming(Business School,University of International Business and Economics,Beijing 100029)
关键词
税收激励
税收优惠
加速折旧
Tax Incentive
Tax Reduction
Accelerated Depreciation
