关于政府减税的研究进展与评析

学术界关于政府减税的讨论由来已久且依旧活跃，目前关心的核心问题在于如何确定最优税率和税制结构来实现社会福利最大化。本文在结合现有国内外主要减税政策的基础上，对政府减税的宏观经济调控效应以及微观企业治理效应进行了梳理归纳。发现政府减税的宏观经济效应聚焦于经济增长、收入分配、就业驱动以及外商投资四个方面，而微观财务效应则集中于企业创新、并购决策、股利支付以及企业价值四个方面，也有学者探讨了政府减税对企业资本结构、股票收益率、盈余管理以及股票回购的影响。最后，本文分析并提出了关于政府减税政策进一步发展的阻碍及未来研究展望。

Recent Development and Analysis of Tax Reduction

It has been a long time to debate on tax reduction and the issue is still active. The key points of tax reduction are on how to determine the optimal tax rate and tax structure to maximize social welfare. Based on the existing policies of tax reduction, this study summarizes the macroeconomic effect and financial effect of tax reduction. This paper shows that the macroeconomic effect of tax reduction focuses on economic growth, income distribution, employment and foreign investment. The financial effect of tax reduction mainly focuses on firm innovation, M&A, dividend payment and enterprise value. Finally, this paper analyzes the obstacles to the further development of tax reduction policy and prospects for future research.