Most of China's preferential tax policies to promote high-quality development are biased towards encouraging enterprises to use capital factors,while relatively few encourage enterprises to use labor factors.Literatures find that although the former type of tax preference can improve the production efficiency of enterprises,but they usually have an unexpected negative impact on the share of labor income.What is the impact of the latter type of tax preference?Clarifying this issue is of great significance for promoting common prosperity in high-quality development.Based on the quasi-natural experiment of the 2008 salary tax credit reform,this paper selects the annual data of China's non-financial A-share listed companies from 2003 to 2014,empirically analyzes how salary tax incentives affect labor income share and enterprise production efficiency by difference-in-difference,and constructs a mathematical model to derive the mechanism.The empirical analysis shows as follows:First,the salary tax incentive imposed by the salary tax credit reform can increase the share of labor income,and the increase rate at the sample mean is about 4.62％.Second,the salary tax incentives promote enterprises to improve their remuneration packages,and the benefit of ordinary employees is significantly greater than that of management.Third,the salary tax incentives have a significant positive impact on the production efficiency of enterprises,which is mainly manifested in improving the labor productivity and per capita performance of enterprises.The above empirical analysis results have passed a series of robustness tests,such as using alternative variable measures,conducting PSM-DID regressions,and conducting placebo test,etc.On the whole,the salary tax incentives imposed by the salary tax credit reform are conducive to increasing the share of labor income on one hand,and have a positive impact on the production efficiency and efficiency of enterprises on the other hand.The findings implicate that tax preference encouraging enterprises to use labor factors ultimately promotes the transformation and upgrading of enterprises to a high-quality and high-efficiency structure,and can better balance the goals of common prosperity and high-quality development.Based on the above findings,this paper puts forward the following policy suggestions for the adjustment direction and focus of China's future preferential tax policies:First,government optimize the structure of tax policies and appropriately increase the preferential tax policies to encourage the input of labor factors of market entities.Second,it is necessary to use the preferential tax policies for market entities and the preferential tax policies for individual workers simultaneously.Third,policy makers adhere to the system concept and enhance the synergy between preferential tax policy tools and other types of policy tools.
compensation tax incentiveslabor income sharedifference-in-differencehigh-quality development
NETL
NSTL
万方数据
维普
