税收负担会阻碍企业创新吗?——来自“金税工程三期”的证据
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摘要
文章以税务稽查系统的改革-"金税工程三期"作为政策实验,利用上市公司2006-2016的年报数据,在双重差分模型下研究了"金税工程三期"对于企业创新的影响。研究发现,"金税工程三期"上线后,企业的研发投入和研发产出显著下降。进一步探讨内在机制,发现"金税三期"提高了企业的所得税费用负担率,增加了企业的税收负担。"金税三期"对企业创新的影响存在异质性,影响主要体现在民营企业、非创新型企业和现金流不充裕的企业中,并且与"金税工程三期"试点版相比,"金税工程三期"优化版对企业创新的负面影响更大。这表明,税收负担的加重会阻碍企业创新,政府应当适当减轻企业税负负担,促进企业转型升级。
This paper takes a reform in tax-check system "The third stage of Golden tax"as a policy experiment,using data of listed firms from year 2006 to 2016 to analyze the effect of "The third stage of Golden tax"on firms' innovation. Under the method of DID,the study found that after the "The third stage of Golden tax"was launched,the research and development input and output of enterprises decreased significantly. The number of patent applications and patent authorizations of enterprises have decreased significantly,mainly driven by the decline of invention patents,while utility model and design patents have not changed significantly. In addition,the "The third stage of Golden tax"is one year behind the patent application for patent authorization,which is in line with the innovation cycle of the enterprise. Further discussion on the internal mechanism found that the "The third stage of Golden tax"increased the enterprise income tax expense burden. After the "The third stage of Golden tax "project goes on line,the enterprise's income tax expense burden rate increases significantly. The impact of the "The third stage of Golden tax "on enterprise innovation is heterogeneous and mainly reflected in private,non-innovative enterprises without sufficient cash flow. Compared with the "The third stage of Golden tax"pilot version,the"The third stage of Golden tax"optimized version has a greater negative impact on enterprise innovation. The main contribution of this paper is using the "The third stage of Golden tax"as a policy shock,the exogenous nature of the shock alleviates the endogenous problems that may exist in assessing the impact of tax burden on enterprise innovation behavior.The conclusion of this paper confirms that the innovation input and innovation performance of enterprises are sensitive to the tax burden from the perspective of tax increase. Once the tax burden increases,the innovation input and output both decline significantly. Therefore,under the background of downward pressure on China 's economy,we must adhere to the tax reduction and fee reduction policy of "draining water to raise fish"to provide the source of financial collection. At the same time,the government should carry out the tax cuts policy to promote enterprises to increase investment on research and development and innovation,to enhance economic vitality. And the government should also pay attention to macro-level cooperation with the "three to one drop and one supplement",to guide the flowof resources to a reasonable industry,which can become an important starting point for supply-side structural reform. On the whole,this paper holds the viewthat under the background of great pressure in the economic downturn,we must insist on tax reduction and burden reduction,streamline administration and delegate power, and actively cultivate the enthusiasm of market participants. Only when micro-enterprises are revitalized can macro-economy have stronger growth momentum.
This paper takes a reform in tax-check system "The third stage of Golden tax"as a policy experiment,using data of listed firms from year 2006 to 2016 to analyze the effect of "The third stage of Golden tax"on firms' innovation. Under the method of DID,the study found that after the "The third stage of Golden tax"was launched,the research and development input and output of enterprises decreased significantly. The number of patent applications and patent authorizations of enterprises have decreased significantly,mainly driven by the decline of invention patents,while utility model and design patents have not changed significantly. In addition,the "The third stage of Golden tax"is one year behind the patent application for patent authorization,which is in line with the innovation cycle of the enterprise. Further discussion on the internal mechanism found that the "The third stage of Golden tax"increased the enterprise income tax expense burden. After the "The third stage of Golden tax "project goes on line,the enterprise's income tax expense burden rate increases significantly. The impact of the "The third stage of Golden tax "on enterprise innovation is heterogeneous and mainly reflected in private,non-innovative enterprises without sufficient cash flow. Compared with the "The third stage of Golden tax"pilot version,the"The third stage of Golden tax"optimized version has a greater negative impact on enterprise innovation. The main contribution of this paper is using the "The third stage of Golden tax"as a policy shock,the exogenous nature of the shock alleviates the endogenous problems that may exist in assessing the impact of tax burden on enterprise innovation behavior.The conclusion of this paper confirms that the innovation input and innovation performance of enterprises are sensitive to the tax burden from the perspective of tax increase. Once the tax burden increases,the innovation input and output both decline significantly. Therefore,under the background of downward pressure on China 's economy,we must adhere to the tax reduction and fee reduction policy of "draining water to raise fish"to provide the source of financial collection. At the same time,the government should carry out the tax cuts policy to promote enterprises to increase investment on research and development and innovation,to enhance economic vitality. And the government should also pay attention to macro-level cooperation with the "three to one drop and one supplement",to guide the flowof resources to a reasonable industry,which can become an important starting point for supply-side structural reform. On the whole,this paper holds the viewthat under the background of great pressure in the economic downturn,we must insist on tax reduction and burden reduction,streamline administration and delegate power, and actively cultivate the enthusiasm of market participants. Only when micro-enterprises are revitalized can macro-economy have stronger growth momentum.
引文
杜金岷、吕寒、张仁寿、吴非,2017,“企业R&D投入的创新产出、约束条件与校正路径”,《南方经济》,第11期,第18-36页。
付文林、赵永辉,2014,“税收激励、现金流与企业投资结构偏向”,《经济研究》,第49期,第19-33页。
黎文靖、郑曼妮,2014,“实质性创新还是策略性创新?---宏观产业政策对微观企业创新的影响”,《经济研究》,第51期,第60-73页。
李林木、郭存芝,2014,“巨额减免税是否有效促进中国高新技术产业发展”,《财贸经济》,第35期,第14-26页。
李林木、汪冲,2017,“税费负担、创新能力与企业升级-来自“新三板”挂牌公司的经验证据”,《经济研究》,第11期,第23-36页。
李炜光、臧建文,2017,“中国企业税负高低之谜:寻找合理的企业税负衡量标准”,《南方经济》,第2期,第1-23页。
林洲钰、林汉川、邓兴华,2009,“所得税改革与中国企业技术创新”,《中国工业经济》,第3期,第111-123页。
刘伟江、吕镯,2018,“‘营改增’、制造业服务化与全要素生产率提升---基于DI合成控制法的实证研究”,《南方经济》,第5期,第1-21页。
杨洋、魏江、罗来军,2005,“谁在利用政府补贴进行创新?---所有制和要素市场扭曲的联合调节效应”,《管理世界》,第1期,第75-86页。
周济,2014,“在实施创新驱动发展战略中勇挑重担建功立业----深入学习贯彻习近平同志在中国科学院和中国工程院院士大会上的重要讲话精神”,《人民日报》2014年9月2日第7版。
Bloom,N.R.Griffith,and J.Van Reenen,2002,“Do R&D Tax Credits Work?Evidence from a Panel of Countries1979-1997”,Journal of Public Economics,85(3):1-31.
Czarnitzki,D.,P.Hanel,and J.M.Rosa,2011,“Evaluating the Impact of R&D Tax Credits on Innovation:AM icroeconometric Study on Canadian Firms”,Research Policy,40(2):217-229.
Easterly,W.and Levine,R.,2010,“It's Not Factor Accumulation:Stylized Facts and Grow th M odels”,World Bank Economic Review,15(2):11-26.
Greenw ald,B.C.,and J.E.Stiglitz,1986,“Externalities in Economies w ith Imperfect Information and Incomplete M arkets”,Quarterly Journal of Economics,101(2):229-264.
Griliches,Z.,1979,“Issues in assessing the contribution of research and development to productivity grow th”,Bell Journal of Economics,10(1):92-116.
Griliches,Z.,1998,“R&D and Productivity:The Econometric Evidence”,Chicago:University of Chicago Press.
Hall,B.H.and Van Reenen,2000,“How effective are fiscal incentives for R&D?”,A review of the evidence.Research Policy,29:449-469.
How ell,A.,2016,“Firm R&D,innovation and easing financial constraints in china:does corporate tax reform matter?”,Research Policy,45(10):1996-2007.
M ukherjee,A.,M.Singh,and A.Zaldokas,2016,“Do Corporate Taxes Hinder Innovation?”,NBER Working paper,No.5671.
Romer,P.M.,1986,“Increasing returns and long-run grow th”,Journal of Political Economy,94(1):1002-1037.
Romer,P.M.,1990,“Endogenous technological change”,Journal of Political Economy,98(2):71-102.
Yu Liu and Xiaoxue Zhao,2017,“State Capacity And Economic development under Capital M obility:Evidence From China”,Working paper.
(1)虽然金税二期工程上线,但对于下游的企业和商家,由于终端客户不需要发票,因此会导致企业以各种形式拖延或不开具发票,并且将这些发票以折价的方式卖给其他企业,以使得这些企业抵扣增值税。特别是金税二期并没有充分覆盖完税凭证、运输费用专用发票、农产品销售发票以及农产品收购发票,而这些发票都可以用来抵扣增值税,从而存在稽查漏洞。(Liu and Zhao,2017)
(2)金税三期优化系统与金税三期新建系统设计理念差异不大。优化版系统是广东国税结合本地软件,对金税三期新建系统增加了辅助软件,从而使得税务工作人员操作更加便捷,具体可参考广东省地方税务局网站。因此本文主回归分析,并没有区分金税三期系统和金税三期优化版系统,但在稳健性检验部分进行了检验。
付文林、赵永辉,2014,“税收激励、现金流与企业投资结构偏向”,《经济研究》,第49期,第19-33页。
黎文靖、郑曼妮,2014,“实质性创新还是策略性创新?---宏观产业政策对微观企业创新的影响”,《经济研究》,第51期,第60-73页。
李林木、郭存芝,2014,“巨额减免税是否有效促进中国高新技术产业发展”,《财贸经济》,第35期,第14-26页。
李林木、汪冲,2017,“税费负担、创新能力与企业升级-来自“新三板”挂牌公司的经验证据”,《经济研究》,第11期,第23-36页。
李炜光、臧建文,2017,“中国企业税负高低之谜:寻找合理的企业税负衡量标准”,《南方经济》,第2期,第1-23页。
林洲钰、林汉川、邓兴华,2009,“所得税改革与中国企业技术创新”,《中国工业经济》,第3期,第111-123页。
刘伟江、吕镯,2018,“‘营改增’、制造业服务化与全要素生产率提升---基于DI合成控制法的实证研究”,《南方经济》,第5期,第1-21页。
杨洋、魏江、罗来军,2005,“谁在利用政府补贴进行创新?---所有制和要素市场扭曲的联合调节效应”,《管理世界》,第1期,第75-86页。
周济,2014,“在实施创新驱动发展战略中勇挑重担建功立业----深入学习贯彻习近平同志在中国科学院和中国工程院院士大会上的重要讲话精神”,《人民日报》2014年9月2日第7版。
Bloom,N.R.Griffith,and J.Van Reenen,2002,“Do R&D Tax Credits Work?Evidence from a Panel of Countries1979-1997”,Journal of Public Economics,85(3):1-31.
Czarnitzki,D.,P.Hanel,and J.M.Rosa,2011,“Evaluating the Impact of R&D Tax Credits on Innovation:AM icroeconometric Study on Canadian Firms”,Research Policy,40(2):217-229.
Easterly,W.and Levine,R.,2010,“It's Not Factor Accumulation:Stylized Facts and Grow th M odels”,World Bank Economic Review,15(2):11-26.
Greenw ald,B.C.,and J.E.Stiglitz,1986,“Externalities in Economies w ith Imperfect Information and Incomplete M arkets”,Quarterly Journal of Economics,101(2):229-264.
Griliches,Z.,1979,“Issues in assessing the contribution of research and development to productivity grow th”,Bell Journal of Economics,10(1):92-116.
Griliches,Z.,1998,“R&D and Productivity:The Econometric Evidence”,Chicago:University of Chicago Press.
Hall,B.H.and Van Reenen,2000,“How effective are fiscal incentives for R&D?”,A review of the evidence.Research Policy,29:449-469.
How ell,A.,2016,“Firm R&D,innovation and easing financial constraints in china:does corporate tax reform matter?”,Research Policy,45(10):1996-2007.
M ukherjee,A.,M.Singh,and A.Zaldokas,2016,“Do Corporate Taxes Hinder Innovation?”,NBER Working paper,No.5671.
Romer,P.M.,1986,“Increasing returns and long-run grow th”,Journal of Political Economy,94(1):1002-1037.
Romer,P.M.,1990,“Endogenous technological change”,Journal of Political Economy,98(2):71-102.
Yu Liu and Xiaoxue Zhao,2017,“State Capacity And Economic development under Capital M obility:Evidence From China”,Working paper.
(1)虽然金税二期工程上线,但对于下游的企业和商家,由于终端客户不需要发票,因此会导致企业以各种形式拖延或不开具发票,并且将这些发票以折价的方式卖给其他企业,以使得这些企业抵扣增值税。特别是金税二期并没有充分覆盖完税凭证、运输费用专用发票、农产品销售发票以及农产品收购发票,而这些发票都可以用来抵扣增值税,从而存在稽查漏洞。(Liu and Zhao,2017)
(2)金税三期优化系统与金税三期新建系统设计理念差异不大。优化版系统是广东国税结合本地软件,对金税三期新建系统增加了辅助软件,从而使得税务工作人员操作更加便捷,具体可参考广东省地方税务局网站。因此本文主回归分析,并没有区分金税三期系统和金税三期优化版系统,但在稳健性检验部分进行了检验。