| 李华,王爱爱.普遍性税收征管制度如何影响资本跨区域流动[J].数量经济技术经济研究,2025,(5):157-178 | | 普遍性税收征管制度如何影响资本跨区域流动 | | Universal Tax Administration Institution; Inter-regional Capital Flows; NTB-LTB Merger Reform | | | | DOI： | | 中文关键词: 普遍性税收征管制度 资本跨区域流动 国地税合并 | | 英文关键词: Low-carbon City Pilot Firm Entry and Exit Entry Cost Green Technology Threshold | | 基金项目: | | | 中文摘要: | | 资本跨区域流动是构建全国统一大市场的重要渠道，普遍性制度是畅通资本内循环的保障。本文基于上市公司跨区域投资数据，以国地税合并为准自然实验，从税收征管视角探讨普遍性制度对资本跨区域流动的影响。研究发现，普遍性税收征管制度显著推动了资本跨区域流动，且对于制造业企业、非国有企业以及高科技企业具有更明显的作用。推动作用主要源于异地投资制度性交易成本的降低与本地投资税收激励的减少。国地税合并有利于缓解因地方政府税收竞争引致的资本向税收洼地流动的问题，促进资本向生产率更高的地区流动,对于弱化国际市场替代效应、促进区域协调发展有积极作用。本文对于充分认识资本市场统一的制度要求、推动普遍性制度的实施及税收征管制度的优化具有重要的启示。 | | 英文摘要: | | Taxation is a crucial tool for local governments in inter-regional competition. Interference in tax administration is thus a common competitive strategy, resulting in regional disparities in tax administration that impede the inter-regional flow of capital. As a result, the market segmentation of China’s domestic market is serious, and the efficiency of resource allocation is seriously reduced. Therefore, there is a need to establish a tax administration institution that is universally applicable to all regions.In 1994, China’s tax administration system was divided into two systems: national tax bureaus (NTBs) and local tax bureaus (LTBs). NTBs operated under a vertical management system, while LTBs were co-managed by local governments and the State Administration of Taxation. Considerations such as GDP growth, taxation, employment, and industrial development gave local governments strong incentives to encourage enterprises to expand their local investments while discouraging off-site investments. Since laws and regulations could not explicitly specify all aspects of tax administration in detail, tax authorities possessed significant discretionary power over practical implementation. The semi-localized management system of the LTBs enabled local governments to influence the cost-benefit differentials between local and off-site investments by intervening in tax administration, thereby creating a regionally specific tax administration institution. In 2018, NTBs and LTBs were formally merged, and the resulting new tax bureaus are now mainly managed by the State Administration of Taxation. The universality of the tax administration institution has thus been greatly improved, as it is now more difficult for local governments to intervene in tax administration. Therefore, this change in the tax administration system can be used to test whether the universal tax administration institution is conducive to promoting inter-regional capital flows. This paper examines the impact of the introduction of a unified tax administration institution on inter-regional capital flows, using the quasi-natural experiment of the merger of NTBs and LTBs and inter-regional investment data from listed firms. The results show that: (1) Inter-regional investment by listed companies increased significantly after the merger of NTBs and LTBs. (2) The promotion effect was more pronounced for manufacturing enterprises, non-state-owned enterprises, and high-tech enterprises. (3) Mechanism analysis shows that the promotion effect mainly resulted from the reduction of institutional transaction costs and tax incentives. (4) The merger of NTBs and LTBs helped alleviate the problem of capital flowing to tax havens by virtue of local government tax competition and the promotion of capital flow to regions with higher production efficiency. (5) The merger of NTBs and LTBs weakened the substitution of the international market for the domestic market caused by market segmentation, and is thus conducive to promoting the internal circulation of capital. At the same time, it is also conducive to narrowing regional economic development gaps and promoting the common prosperity. The contributions of this paper are as follows. First, it enriches the research on market segmentation by examining the reasons for the disunity of the capital factor market from the perspective of institutional universality and lays out a path for the universal tax administration institution to promote market unification using institutional transaction costs and tax incentives. It also takes the establishment of subsidiaries in different places as a starting point to study the impact of institutional universality on inter-regional capital flows. Second, it broadens the scope of research on the economic implications of the merger of NTBs and LTBs. This paper extends our understanding of the economic effects of the universal tax administration institution to the unified capital factor market, thereby enriching the literature on the effects of the reform. Third, it assesses the economic impact of inter-regional capital flows from a macro perspective. Prior studies have assessed the value of inter-regional capital flows from a corporate perspective, but not from the broader perspective of China’s high-quality economic development. Working from a more macro perspective, this paper confirms that the improvement of the universality of the tax administration institution has had a positive impact on optimizing the efficiency of resource allocation, weakening the market substitution effect, and narrowing the economic development gap between regions. Thus, this paper provides both theoretical and empirical support for institutional designs aimed at fostering a unified market. | | 查看全文 相关附件： 下载数据代码附录 |
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