全要素生产率
经济
生产力
公司所得税
中国
投资(军事)
货币经济学
资本收益
税制改革
劳动经济学
宏观经济学
国际税收
市场经济
避税
政治
法学
政治学
作者
Hongsheng Fang,Xufei Zhang,Lin Guo
摘要
Abstract With a persistent global economic slump, governments encourage economic growth by expansionary fiscal policies through tax cuts. Total factor productivity (TFP) is an important determinant of corporate development and economic growth. Taking China's 2008 Corporate Income Tax Reform as a quasi‐natural experiment, this paper uses data from China's A‐share listed companies from 2003 to 2018 and difference‐in‐differences analyses to identify the impact of corporate income tax (CIT) rate changes on TFP. The findings indicate that reducing the CIT rate positively impacts corporate TFP through two available channels: corporate investment and human capital investment. Additionally, the effects of reducing the CIT rate on TFP are primarily significant in non‐state‐owned, smaller and more financing‐constrained enterprises.
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