资本偏向型税收激励是否有助于改善资本要素的错配？——基于固定资产加速折旧政策的微观经验证据

《财经研究》 2022年48卷第8期 页码：109 - 123  online：2022年8月3日

资本偏向型税收激励是否有助于改善资本要素的错配？——基于固定资产加速折旧政策的微观经验证据

Does Capital-biased Tax Incentive Help to Improve the Misallocation of Capital Factors? Micro-empirical Evidence from the Accelerated Depreciation Policy of Fixed Assets

作者（中）：赵灿1,2 , 刘啟仁1

作者（英）：Zhao Can1,2, Liu Qiren1

作者单位：1. 广州大学 经济与统计学院，广东 广州 510006;2. 广东省财税大数据重点实验室，广东 广州 510320

摘要： 固定资产加速折旧政策是当前结构性减税的一项重要内容，是一项资本偏向型减税政策，兼具鼓励投资、激发经济主体活力与提高资源配置效率等多重作用。现有文献集中研究税收激励政策的投资效应、生产率效应以及研发创新效应等，文章则从要素配置效率视角评估了税收激励政策的实施效果，利用2010—2018年中国A股上市公司数据测算了微观企业层面的资本配置效率，在固定资产加速折旧政策背景下研究了资本偏向型税收激励政策对试点企业资本配置效率的影响及传导机制。研究发现，加速折旧政策对试点企业的资本配置效率具有显著的促进效应；进一步研究发现，该政策主要通过激励企业更多地配置高端资本要素，降低资本要素边际产出价值和边际成本的偏离程度，进而改善资本要素错配问题。此外，文章还发现，税收激励政策对资本配置效率的提升效应在异质性企业之间的表现存在显著差异，即加速折旧政策对融资约束较高企业、民营企业、固定资产净值率较低企业、规模较大企业、盈利较高企业以及资本密集度较高企业的资本配置效率的促进效应更大。据此，文章认为，政府应继续实施并不断完善加速折旧政策，引导生产要素合理流动，提高要素资源配置效率，以从根本上改善供给侧扭曲。

关键词：资本偏向；税收激励；加速折旧；资本配置效率；资源错配

Summary: At present, the structural problems faced by China’s economy, such as the misallocation of factor resources, insufficient high-quality supply and so on, are becoming increasingly prominent, making it difficult for the national economy to circulate effectively. In this context, effectively improving resource allocation efficiency is the key to promoting supply-side structural reform and high-quality economic development. The accelerated depreciation policy of fixed assets is an important part of the current structural tax reduction, which slows down the outflow of funds by delaying the occurrence of tax obligations, transfers the right to use funds and the corresponding time value to firms. Different from other comprehensive policies, the accelerated depreciation policy is a capital-biased tax reduction policy, which has multiple functions such as encouraging investment, stimulating the vitality of economic entities and improving the efficiency of resource allocation. Hence, this policy helps to reduce the cost of capital factors, incentivize firms to adjust their factor mix and allocate more high-end capital factors, which in turn acts on the allocation efficiency of capital factors. In view of this, this paper takes the accelerated depreciation policy of fixed assets in 2014 as an exogenous policy shock and constructs a firm-level indicator of allocation efficiency of capital factors using the data of China’s A-share listed firms from 2010-2018, to systematically examine the impact of capital-biased tax incentives on the allocation efficiency of capital factors. The results show that the accelerated depreciation policy has a significant effect in promoting the allocation efficiency of capital factors. Further mechanism analysis shows that the accelerated depreciation policy mainly motivates firms to allocate more high-end capital factors, resulting in a significant decrease in the value of marginal output of capital factors and a decreasing deviation from marginal costs, which in turn leads to an increase in the allocation efficiency of capital factors. The heterogeneity analysis shows that the improvement effect of tax incentive policy is different among firms with different characteristics. Specifically, the accelerated depreciation policy has a greater promoting effect on the capital allocation efficiency of firms with higher financing constraints, private firms, firms with lower net fixed-asset ratio, large firms, firms with higher profitability, and firms with higher capital intensity. The possible contributions of this paper are as follows: (1) It adopts a quasi-natural experiment with the accelerated depreciation policy for fixed assets, and uses the DID method to examine the impact of capital-biased tax incentive policy on the allocation efficiency of capital factors at the firm level and the corresponding transmission mechanism, which better addresses the endogeneity problem faced in the process of tax policy evaluation. (2) Different from the existing literature using the macro industry-level dispersion index to measure the overall degree of resource misallocation, it measures firm-level allocation efficiency based on the aggregate production efficiency growth model, which further refines the study of resource allocation efficiency to the micro-firm level. (3) Different from the existing literature that focuses on the investment effect, productivity effect and R&D innovation effect, it evaluates the implementation effect of tax incentive policy from the perspective of factor allocation efficiency, which provides new ideas to fully understand the economic impact of tax incentive policy.

Key words:  capital-biased; tax incentive; accelerated depreciation; capital allocation efficiency; resource misallocation

DOI：10.16538/j.cnki.jfe.20220614.301

收稿日期：2022-03-30

基金项目：教育部人文社会科学研究青年基金项目（21YJC790166）；广东省哲学社会科学规划项目（GD21CYJ13）

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