“租税替代”、财政收入与政府的房地产政策
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| Title | Substitution Between Rent and Tax, Revenue and Real Estate Policy
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| 作者 | 黄少安 陈斌开 |
| Author | Huang Shao-an and Chen Binkai |
| 作者单位 | 山东大学经济研究院，中央财经大学经济学院 |
| Organization | Shandong University；The Central University Of Finance and Economics |
| 作者Email | shaoanhuang@edu.sdu.cn；chenbenkai@gmail.com |
| 中文关键词 | 租税替代原理 财政收入 房地产价格 房地产政策 |
| Key Words | Rent-Tax Substitution; Fiscal revenue; Housing Price; Real Estate Development |
| 内容提要 | 本文从理论和实证两方面研究了房地产发展与政府财政收入之间的关系，揭示了“租税替代”原理。理论研究表明：在静态框架下，政府财政收入满足“租税等价”原理，即政府通过土地租金融资和通过企业税收融资是等价的，其总收入水平只取决于土地资源总量，与融资方式无关。在动态框架下，对于政府财政收入而言，在长期内也满足“租税等价”；即使在短期内，也存在“租税替代”关系，即政府来自于房地产的租金收入越高，来自于其它行业企业的税收收入越低，但是短期的替代关系不一定是等价的。文章基于1998-2008年工业企业调查数据对“租税替代”机制进行了实证检验。研究发现，住房价格上涨将导致企业税收（增值税、所得税、主营业务税金及附加）和企业利润的全面下降，很好地支持了“租税替代”理论。本文还进一步考察了地方政府热衷于发展房地产的原因以及房地产片面发展导致的真实的不良经济效应，发现现行财政体制、政府官员短期行为以及官员政绩考核体系不合理是其背后最重要的原因。 |
| Abstract | This paper studies the relationship between real estate development and government fiscal revenue both theoretically and empirically. The theoretical model shows that the government's total revenue is determined by the amount of land in long run, while financing through land rents or corporate tax does not matter. In the short run, the Rent-Tax substitution mechanism characterizes the relationship of government revenue from land rents and corporate tax; the higher the land rent is, the lower the corporate tax will be. Based on 1998-2008 industrial enterprises survey data, this paper test the "Rent-Tax Substitution" mechanism empirically. The results reveal that housing prices will result in a decline of corporate tax (Value added tax, income tax and business tax) and corporate profits, which strongly supports the Rent-Tax substitution hypothesis. We further examines the motivation of local government's enthusiasm in real estate development. We find that the fiscal system, government performance evaluation system and short-term behavior of government officials are the most important underlying reasons. |
| 文章编号 | WP276 |
| 登载时间 | 2012-05-31 |
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