摘要
市场一体化建设是畅通国内大循环的关键,其中产品市场统一建设近年来取得了长足进步,但是要素市场建设相对滞后。本文手工搜集1999—2007年中国上市公司的子公司数据,以母公司在异地设立子公司的行为来测度资本要素的跨区域流动性;借助2002年所得税分享改革的“自然实验”,研究了财政激励对资本要素市场整合的影响。研究发现:所得税分享改革降低了地方发展企业的税收分成,于是地方政府放松了对国有资本的管制,地方国有企业在异地设立子公司的数量显著增加;该效应与税收分成的比例完全吻合,改革后地方所得税分成比例为40%,因此,只有那些地方政府持股比例大于40%的地方国有企业才显著增加了跨地区投资;地方财政对国有企业依赖度越大,政策的刺激效应越大,并且跨省投资显著多于省内异市投资;这种投资行为不仅显著改善了资本回报率,而且增加了地方国有企业的现金分红。本文的研究拓展和丰富了关于要素市场整合的研究,在当前税制结构调整的背景下,为建设统一市场提供了重要参考。
The construction of a unified national market is the key to promote domestic circulation.The integration of product market has made great progress in recent years,but that of factor markets is relatively lagging behind.This paper manually collects the data of subsidiaries of listed companies in China from 1999 to2007 and explores the impact of fiscal incentives on the integration of capital market.We measure the cross-regional capital flow based on the pattern of establishing nonlocal subsidiaries.With the natural experiment of“Income Tax Sharing Reform”,this paper finds that the Income Tax Sharing Reform reduces the tax sharing proportion of local government through the development of local enterprises,so the local governments relax the control of state-owned capital.Thus,the nonlocal subsidiaries of local state-owned enterprises increase significantly.This effect is closely fits to the tax sharing proportion(40%):Only those local SOEs whose government shareholding proportion is greater than 40%have significantly increased cross-region investment.The greater the dependence of local fiscal on SOEs,the more significant of the stimulus effect,and companies usually choose to invest in another province.Cross-border investment not only significantly improves the return on capital,but also increases the cash dividends of local SOEs.This paper expands and enriches the research on the integration of factor market,and also provides important policy implications for inter-governmental relationship reform in future.
作者
范子英
周小昶
FAN Zi-ying;ZHOU Xiao-chang(School of Public Economics and Administration SUFE,Shanghai 200433,China)
出处
《中国工业经济》
CSSCI
北大核心
2022年第2期118-136,共19页
China Industrial Economics
基金
国家自然科学基金面上项目“中国财政补贴的规模测度、形成机制与溢出效应研究”(批准号71973088)
国家社会科学基金重大招标项目“全面推进生态创新的财税政策体系研究”(批准号19ZDA076)。
关键词
统一市场建设
财政激励
所得税分享改革
异地投资
market integration
fiscal incentives
Income Tax Sharing Reform
cross-region investment
