| ZHANG Tongbin,LI Yuan.The Behavior of Small and Micro Enterprises “Refusing to Grow Up” under Tax Reduction Incentives[J].The Journal of quantitative and technical economics,2025,(6):26-46 |
| 减税激励下小微企业“拒绝长大”的行为解释 |
| The Behavior of Small and Micro Enterprises “Refusing to Grow Up” under Tax Reduction Incentives |
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| 中文关键词: 减税激励 小微企业 要素投入 生产转向 聚束方法 |
| 英文关键词: Tax Reduction Incentives Small Low-profit Enterprises Factor Inputs Production Direction Adjustment Bunching Method |
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| 中文摘要: |
| 小微企业是减税降费的重点支持对象和保市场主体的关键着力点,有效运用财税政策扶持小微企业发展对于畅通国内大循环具有重要的现实意义。本文利用聚束(Bunching)方法实证研究了小微企业所得税减半征收政策对企业要素投入和生产转向的影响效应,进一步对小微企业“拒绝长大”的主观原因及行为特征进行讨论。研究结果表明,小微企业为获取所得税减半征收资格会对生产行为进行调整,表现为减税激励下小微企业的劳动者报酬显著提高且固定资产折旧速度明显加快，即企业会增加要素投入以使其应纳税所得额符合政策标准。进一步研究发现,相对于未实施应纳税所得额调整的企业而言,通过调整应纳税所得额享受到减税优惠的小微企业,其新增关联企业数量明显增多,说明小微企业还会利用注册新企业或持有其他企业股份等方式改变生产转向,从而实现利润总额的跨企业转移。政府应优化减税降费制度设计,提高减税政策的精准度和普惠性以增强经济发展的内生动力。 |
| 英文摘要: |
| Small low-profit enterprises (SLPEs) are key targets of the tax and fee reduction policies and are instrumental to ensuring the operation of market entities that play an important role in stimulating the endogenous power of economic development. The effective use of fiscal and tax policies to support the development of SLPEs is of practical significance for the circulation of the internal economic cycles. In recent years, the government has gradually expanded the scope of tax reduction for SLPEs. However, asymmetric information and imperfect identification mechanisms enhance the possibility of enterprises manipulating their indicators to meet policy standards. Therefore, fully considering the characteristics of the qualification adjustment behavior of the halving income tax policy on SLPEs and paying attention to the formation reasons and realization process of the taxable income adjustment are of great practical significance to analyzing the effect of preferential tax policies on SLPEs in China.This study employs the bunching method to empirically investigate how SLPEs adjust taxable income to enjoy the policy of halving income tax under tax reduction incentive and further explore the causes and paths of SLPEs “refusing to grow up.” It is found that under the incentive of halving income tax, SLPEs may implement taxable income adjustment behavior to qualify for the incentive.The analysis reveals that SLPEs did not expect continuous tax reduction policies at the beginning of the policy of halving income tax in 2011, resulting in the failure to form a systematic adjustment of production behavior when reducing the taxable income. From 2012 to 2014, the tax reduction policy had a significant positive impact on the factor inputs of SLPEs, that is, compared with the counterfactual distribution of SLPEs in the bunching interval, the enterprises affected by the tax reduction policy increased their labor income and accelerated the depreciation of fixed assets. The robustness test supports the conclusions above. The mechanism test indicates that financing constraints and operational vitality are important mechanisms for the policy of halving income tax to affect the factor inputs of enterprises.Further, the policy of halving income tax in 2015 did not encourage SLPEs to increase labor income. This is because SLPEs may change production direction to meet the requirements of the tax reduction policy rather than adjust the factor inputs when the business scale reaches a certain level. We find that under the incentive of halving income tax in 2015, the number of SLPEs on the left side of the breakpoint increased significantly. Thus, SLPEs could register new enterprises or hold shares of other enterprises to change their production direction, thereby obtaining tax reduction policy benefits. Further study indicates that SLPEs prefer to expand affiliated enterprises in the same industry or area, providing a reasonable explanation for SLPEs “refusing to grow up.”According to this study, the government should continue to optimize the policy of halving income tax for SLPEs, improve the qualification and assessment mechanism for the halving of income tax, strengthen the accuracy of tax reduction targets, and ensure that the tax reduction benefits are fully enjoyed. Moreover, the government should establish an evaluation system for the implementation effect of tax reduction policies and monitor the operating conditions of enterprises enjoying tax reduction benefits in real time. In addition, the government should pay attention to implementing a new package of tax-and-fee policies to support SLPEs, and differentiated tax strategies should be implemented for different types of enterprises. In summary, improving the effectiveness and precision of the tax reduction policies is conducive to enhancing the driving force of SLPEs and achieving stable economic growth. |
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