民营制造企业的桎梏：用工成本还是宏观税负？——来自中小板上市公司的证据
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| Title | The Shackles of Private Manufacturing Enterprises：Labor Cost or Macro Tax Burden?
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| 作者 | 杨继生 黎娇龙 |
| Author | Yang Jisheng and Li Jiaolong |
| 作者单位 | 华中科技大学经济学院 |
| Organization | Huazhong University of Science and Technology |
| 作者Email | yangjisheng770@163.com;lijiaolong325@gmail.com |
| 中文关键词 | 用工成本 企业税负 企业绩效 多层因子 |
| Key Words | Labor Cost; Enterprises Tax Burden; Enterprise Performance; Multi-level Factor |
| 内容提要 | 现有研究把民营制造企业的经营困难要么归结於用工成本的上涨，要么归结为宏观税负。本文基于多层因子企业绩效模型和中小板上市公司数据，综合分析企业微观个体资源配置、行业周期和宏观经济环境对不同经营状态下企业绩效的边际效应。研究发现，对于经营状态较差的企业，用工成本确实是最主要的制约因素，“机器换人”和技术创新是企业脱困的必要手段。但经营状态较好的企业，约束主要来自宏观环境因素，而不是用工成本。所测得的宏观环境因子呈现典型的“L”型趋势，折点位置在2010年，其总体趋势与宏观税负高度吻合，而短期波动则与企业实际税负基本一致。因而，技术升级是民营制造企业维持生存的关键，但能否做强则主要依赖于政府的降税减负。反事实对比仿真实验验证了实证结论的稳健性。 |
| Abstract | Most studies have attributed the dilemma of manufacturing enterprises to either the rising labor cost, or the macro tax burden. Based on the panel data of listed companies in the SME board, this paper constructs a multi-level factor model, comprehensively analyzes the marginal effect of micro-firm resource allocation under different ownerships and different industries of different operating states. Furthermore, both dynamic effects of common macro-factor and medium-term industry factors have been speculated. The results show that, for enterprises of poor operating state, labor cost is indeed the main restricting factor. And the enterprise performance can be improved through "Machine substitutions" and technical innovation. However, the constraint of enterprises with better operating states derives from the macro-environment factor, and labor cost is not the factor that causes difficulties. The dynamic trend of common macro-economic factor presents a typical "L" type, and the break point position is in 2010, which is consistent with the overall dynamic variation of macro tax burden, and is almost the same with the short-term fluctuations of actual tax burden on enterprises. Thus, the survival of private manufacturing enterprises mainly relies on technological upgrading, but to being stronger is more dependent on the government to reduce tax burden. Bootstrap block self-help counterfactual contrast simulation experiment verifies the robustness of the model and the conclusion of this paper. |
| 文章编号 | WP1271 |
| 登载时间 | 2018-04-10 |
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