税收激励政策是常用的提振经济的政策手段。我国近年来推出了一系列旨在降低企业成本的减税降费措施，税收激励对企业行为、企业发展的影响，和企业得到的减税收益如何在股东和员工之间分配在文献中还缺乏共识。本文以小微企业和数字企业为例，探讨了税收激励对企业及员工的影响。首先，利用小微企业所得税减半征收政策带来的外生冲击，本文使用全国税收调查数据和甜甜圈断点回归分析发现，在减税的当期，企业的投资增长明显，每减税1元钱，企业的投资增长2.1元。员工在减税当期并没有享受到减税收益。但投资的大幅增加带来了企业生产经营的改善，而这种改善最终回馈给了员工，员工的工资在减税两年后显著增加。每减税1元钱，员工总福利增加约0.59元，员工共得到了约54%的减税收益。其次，利用减半征收政策对地方政府财政收入造成的不同冲击，本文分析了针对部分企业减税带来的溢出效应，包括对受惠减税企业其他税费的影响，以及未受惠企业的影响。研究发现如果所得税减税政策对地方政府财政收入的冲击强度增加1个百分点，受惠企业费负增加1个百分点左右。而未受惠企业也受到了波及，费负增加了0.2个百分点左右，但企业员工并未承担企业费负的增加。企业其他税收的税负未见显著增长，这说明非税收入是地方政府弥补财源的重要方式。最后，数字经济的发展以上升为我国的国家战略，本文分析了数字经济下企业税率优势的大小、来源和对企业及员工的影响。结果显示企业的经营范围涉及数字化后，有效税率显著下降了4-5个百分点，除了享受更多的税收优惠外，涉数企业跨地区避税能力的增强是企业获得税率优势的一个重要原因。税率优势使得涉数企业的经营绩效显著增加，但劳动者并未享受到税率优势带来的收益，而传统企业的经营绩效受到了负面影响。综合来看，我国针对小微企业的减税降费措施行之有效，企业投资积极性显著提高，企业获得的收益大于减税的成本，同时劳动者也享受到了超过一半的减税收益。但要想实现减税降费政策的提质和增效，地方政府的财政压力问题不容忽视。最后，也应辩证地看待针对数字企业的税收优惠政策，既要发挥税收优惠的引导作用，又要遏制企业的不良避税行为。
Tax incentive policies are commonly used means to stimulate the economy. In recent years, China has introduced a series of tax reduction and fee reduction measures aimed at reducing corporate costs. The impact of tax incentives on corporate behavior, corporate development, and how the tax reduction benefits are distributed between shareholders and employees is still lacking consensus in the literature. This paper takes small and micro enterprises and digital enterprises as examples and explores the impact of tax incentives on enterprises and employees.Firstly, by utilizing the exogenous shock brought by halving policy for SMEs, this paper uses national tax survey data and donut-hole RDD analysis to find that corporate investment grows significantly during the tax reduction period, with every 1 yuan reduction in tax leading to a 2.1 yuan increase in investment. Employees do not enjoy the tax reduction benefits in the current period. However, the substantial increase in investment leads to the improvement of corporate production and operation, which eventually benefits employees, whose wages increase significantly two years after the tax reduction. For every 1 yuan reduction in tax, the total employee welfare increases by about 0.59 yuan, and employees receive about 54% of the tax reduction benefits.Secondly, by utilizing the different impacts of the halving tax policy on local government fiscal revenue, this paper analyzes the spillover effects of tax reduction for some enterprises, including the impact on other taxes and fees of the benefiting enterprises and the impact on non-benefiting enterprises. The study finds that if the impact intensity of the corporate income tax reduction policy on local government fiscal revenue increases by 1 percentage point, the fee burden of benefiting enterprises increases by about 1 percentage point. Non-benefiting enterprises are also affected, with their fee burden increasing by about 0.2 percentage points, but employees do not bear the increase in corporate fee burden. There is no significant growth in the tax burden of other corporate taxes, indicating that non-tax revenue is an important means for local governments to make up for financial resources.Lastly, with the development of the digital economy being elevated to a national strategy in China, this paper analyzes the size, source, and impact of the tax rate advantage on enterprises and employees in the digital economy. The results show that when the business scope of enterprises involves digitalization, the effective tax rate significantly decreases by 4-5 percentage points. In addition to enjoying more tax incentives, the enhanced ability of digital enterprises to avoid taxes across regions is an important reason for obtaining a tax rate advantage. The tax rate advantage significantly increases the operating performance of digital enterprises, but employees do not enjoy the benefits brought by the tax rate advantage, while the operating performance of traditional enterprises is negatively affected.In conclusion, China‘s tax reduction and fee reduction measures for small and micro enterprises are effective, significantly improving corporate investment enthusiasm, with the benefits gained by enterprises exceeding the cost of tax reduction, while labors also enjoy more than half of the tax reduction benefits. However, to achieve quality improvement and efficiency enhancement of tax reduction and fee reduction policies, the financial pressure on local governments should not be ignored. Finally, the tax incentive policies for digital enterprises should be viewed dialectically, both playing a guiding role in tax incentives and curbing the bad tax avoidance behavior of enterprises.
