3 | International Tax and Public Finance 国际税收与公共财政

院校资讯君

International Tax and Public Finance
Volume 30 Issue 5
国际税收与公共财政 第30卷第5期
本期目录
1.
Network externalities, trade costs, and the choice of commodity taxation principle
网络外部性与贸易成本对商品税客体选择原则的影响
2.
The fiscal costs of earthquakes in Japan
地震对日本财政成本的影响
3.
The housing net worth channel and the public finances: Evidence from a European country panel
住房净值对公共财政的影响：基于欧洲国家面板数据的实证研究
4.
Tax progressivity and social welfare with a continuum of inequality views
不等式连续统方法下的税收累进性和社会福利研究
5.
Corporate taxes and investment when firms are internationally mobile
所得税对跨国公司投资决策的影响
6.
Risky business: Policy uncertainty and investment
风险时代：政策不确定性对企业投资的影响
7.
Tax incentives and firm financing structures: Evidence from China’s accelerated depreciation policy
税收优惠和企业融资结构：基于中国加速折旧政策的实证研究
8.
Social security and risk sharing: The role of economic mobility across generations
社会保障和风险分担对经济代际流动的影响
9.
The COVID-19 state sales tax windfall
意外之喜：COVID-19对销售税收入的激励
部分文章摘要
01
The fiscal costs of earthquakes in Japan
Abstract:We quantify the fiscal impacts of earthquakes in Japan. In contrast with earlier research which examined national level aggregate spending in several countries, we are able to provide a detailed examination of separate budget categories within the local governments’ fiscal accounts. We do this using detailed line-budget expenditure data, and by comparing regions and towns affected and unaffected by the damage from earthquakes. Besides the obvious - that government spending increases in the short-term (one year) after a disaster event - we observe that the share of public spending on disaster relief, at the prefecture level, increases significantly, but with no corresponding change in the other budget lines. In contrast, at the lower administrative units, we observe a decrease in the share of spending going to finance other priorities. For the bigger cities, we observe a decrease in the share of spending targeting education, while for the smaller towns, we find that spending on construction and servicing public debt goes down. This evidence suggests that while at the prefecture level fiscal policy-making is robust enough to prevent presumably unwanted declines in public services, the same cannot be said for the city/town level.

摘要：本文以量化研究的方式讨论地震对于日本财政成本的影响。相较于早期对多个国家总支出进行的研究，本文对地方政府财政账户中的不同预算类别进行研究，使用详细的预算支出数据，对受地震影响和未受地震影响的地区和城镇差异进行比较。本文研究发现，在灾害事件发生后短期内（一年）政府支出有所增加，县一级用于救灾的财政支出显著增加，但其他预算支出没有相应变化。相比之下，较低的行政级别用于资助其他优先事项的财政支出有所减少。市一级用于教育的财政支出减少，而乡镇一级用于建设和偿还公共债务的财政支出减少。这一证据表明，虽然县一级的财政决策能够有效防止公共服务出现不必要的下降，但市镇一级的情况并非如此。
02
Tax incentives and firm financing structures: Evidence from China’s accelerated depreciation policy
Abstract：This study used China’s accelerated depreciation policy (2014–2015) as an exogenous shock to examine the impact of tax incentives on firm financing structures. Based on data from China’s A-share listed companies from 2010 to 2017, we estimated a difference-in-differences model and found that the accelerated depreciation policy increased firms’ liability–asset ratio. Moreover, this rise was mainly seen in firms’ current liability–asset ratio (i.e., short-term leverage), while long-term leverage remained stable, which shortened firms’ debt maturity. The mechanism exploration showed that the accelerated depreciation policy stimulated fixed asset investment, and this investment increase was mainly financed by short-term debt, leading to greater maturity mismatch between firm assets and liabilities. Further heterogeneity analysis showed that the observed rise in short-term leverage was more serious among firms that were less likely to be allocated long-term credit from banks, including small-sized firms and those with a low share of tangible assets.

摘要：本文以中国的加速折旧政策（2014-2015年）作为外部因素，研究税收优惠对企业融资结构的影响。基于2010年-2017年中国A股上市公司的数据，通过构建双重差分模型，发现加速折旧政策提高了企业的资产负债率，且主要表现为企业流动资产负债率（即短期杠杆率），而长期杠杆率保持稳定，从而缩短企业的债务期限。本文研究发现，加速折旧政策能够刺激固定资产投资，且增加的投资主要由短期债务提供资金，从而导致企业资产与负债的期限错配加剧。进一步的异质性检验表明，对于难以从银行获得长期信贷的公司（包括小型企业和有形资产占比较低的公司）而言，其短期杠杆率更易增加。
03
The COVID-19 state sales tax windfall
Abstract: Policymakers were surprised to find increases in sales tax revenues in 2020 due to expectations that they would drop 8–20%. We investigate this puzzle and provide novel insights into consumption taxes based on this experience. Using a case study from the State of Utah, we document that shifts in the structure of consumption played a significant role in the robustness of sales tax revenue. Two factors stand out in our results. The first factor is the structure of the tax base for sales taxes in the USA. This tax base covers only a subset of personal consumption, excluding, for example, many services.During the pandemic, when services were restricted or shut down, this caused a shift in spending toward goods that are more likely to be in the sales tax base. The second factor is the boom in e-commerce during the pandemic, which boosted sales tax collections. This was catalyzed by recent legal changes that made the collection of sales taxes in e-commerce easier. Interestingly, this e-commerce boost also shifted the point of sale and related sales tax revenues away from urban areas toward suburban areas. Our case study of the pandemic’s effect on sales taxes in the USA generally, and Utah’s experience specifically, provides lessons for consumption taxes, such as the VAT more broadly, and lessons on the role of consumption taxes for tax revenue volatility.

摘要：政策制定者发现，虽然此前预计2020年销售税收入将下降8-20%，但销售税的实际收入却有所增加。通过研究犹他州的案例，本文发现消费结构的变化对销售税收入的稳健性发挥了重要作用，其中有两个关键因素：第一个因素是美国销售税的税基结构，在新冠疫情期间，服务业受限或关闭导致消费者支出转向更有可能纳入销售税税基的商品。第二个因素是疫情期间电子商务的繁荣促进了销售税的征收。近期的法律改革使电子商务销售税的征收变得更容易，从而提高了销售税的收入。有趣之处在于，电子商务的发展也使销售点和相关销售税收入从城市转向郊区。本研究为消费税（甚至更广泛的增值税）的改革提供了参考，也为研究消费税对税收收入波动的影响提供了参考。
整理 | 李淄君
排版、审核 | 寇韵楳、薛榆淞



北京大学税法研究中心
Peking University
Center for Tax Law


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