增值税减税能否提高制造业企业全要素生产率？——基于增值税税率下调事件的经验研究

Can VAT Rate Reduction Improve the Total Factor Productivity of Manufacturing Enterprises? ——Based on Policies of VAT Rate Reduction

中文关键词:  增值税减税  税制改革  全要素生产率  制造业  优化资本配置  高质量发展

英文关键词:VAT rate reduction  tax reform  total factor productivity  manufacturing industry  optimizing capital allocation  high-quality development

中文摘要:

      深化税制改革是激发市场主体活力、加快制造业转型、实现经济高质量发展的重要路径。基于2016—2020年中国沪深A股上市公司数据,研究了2018年和2019年增值税税率下调对制造业企业全要素生产率的影响。研究发现,增值税减税提高了制造业企业的全要素生产率。异质性分析结果显示,对于市场竞争地位高、国有产权、处于成熟期以及高市场化地区的企业而言,增值税减税对全要素生产率的提升效应显著。渠道分析表明,研发投入、人力资本投入以及资本配置效率是增值税减税影响企业全要素生产率的主要渠道。因此,政府部门应继续深化增值税改革,缩小制造业与其他行业的税率差异,切实减轻制造业企业税收负担,同时应加大对民营、初创等弱势企业的财政扶持力度,全面提高各类企业的全要素生产率。

英文摘要:

      Deepening tax reforms is a crucial path to invigorate market entities, accelerate the transformation of the manufacturing sector, and achieve high-quality economic development. Based on the data of A-share listed companies from 2016 to 2020 and VAT rate reduction events in 2018 and 2019, this paper investigates the effect of VAT rate reduction on the total factor productivity (TFP) of manufacturing enterprises. The results show that VAT rate reduction has increased the TFP of manufacturing enterprises, and this positive effect is significant for SOEs and enterprises with strong competitive advantages, in mature stages and in regions characterized by high levels of marketization. R&D investment, human capital investment and capital allocation efficiency have been identified as the mechanism of the above effects. Therefore, the government should further deepen the VAT reform to narrow the tax rate difference between manufacturing and other sectors and effectively ease the tax burden on manufacturing enterprises. Simultaneously, it is necessary to increase financial support for private enterprises, startups and other disadvantaged enterprises to enhance the TFP of all enterprises in a comprehensive manner. 