融资约束与减税政策的宏观效果——基于DSGE的模拟与分析

黄 子 珩

融资约束与减税政策的宏观效果——基于DSGE的模拟与分析

引用本文：黄子珩.融资约束与减税政策的宏观效果——基于DSGE的模拟与分析[J].财经理论与实践,2021,(5):101-107

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作者	单位
黄子珩	（中南财经政法大学工商管理学院，湖北武汉 430073）

中文摘要:基于借贷约束的宏观经济学分析框架，构建包括储蓄家庭部门、投资家庭部门、中间产品生产部门、最终产品生产商和政府部门的DSGE模型，从收入所得税冲击、资本所得税率冲击和不同社会福利水平三个角度对模型进行数值模拟，测算不同融资约束条件下，减税政策通过企业和家庭部门对宏观经济的影响。结果表明：企业融资约束显著影响减税政策对企业投资和总产出的促进作用；相对于降低家庭部门税收，降低企业税负将产生更为明显的财政扩张效应，但在短期内该效应难以持续。

中文关键词:减税政策融资约束 DSGE模型

Financing Constraints and the Macro Effect of Tax Cut Policy——Simulation and Analysis Based on DSGE Model

Abstract:Under macroeconomic analysis framework based on lending constraints, we construct the DSGE model which contains Depositors, Investors, Wholesale Firms, Retail Firms and Government. Then carry out the model digital simulation based on the impact of income tax, capital income tax rate impact and different social welfare levels to analyze the empirical relationship between China's financing constraints and tax reduction policies. The empirical result turns out that the more corporate financing constraints, the weaker the impact of tax reduction policies on corporate investment and total output. In addition, relatively reducing the tax burden of the household sector and reducing the corporate tax burden will have a significant fiscal expansion effect. At the same time, tax reduction policies will lead to a reduction in government tax revenue and fiscal expenditure, which is not conducive to the continued operation of the fiscal expansion effect in the short term.

keywords:tax cut policy finance constraint DSGE mode

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