主题：Who Benefits from Corporate Tax Cuts for Small Firms? Evidence from China
主讲人：吴斌珍 清华大学
主持人：郑筱婷 暨南大学
时间：2025年5月26日（周一）下午14:30-16:00
地点：暨南大学石牌校区经济学院大楼（中惠楼）306室
摘要
This paper studies how workers benefit from corporate income tax (CIT) cuts for small firms and provides evidence of the dynamic interaction between firm investment and wage growth. We exploit the quasi-experiment in China, where small firms are eligible for a tax cut of 50% or ten percentage points in CIT, conditional on their taxable income being below a threshold. We first document that firms bunch below the threshold and employ the donut-hole regression discontinuity design to estimate the impact of the tax cut. We find that in the short run, the tax cut did not benefit workers as wages and employment did not increase. However, the tax cut stimulated firm investment. Two years after the tax cut, wages grew faster among firms that enjoyed the tax cut, which is consistent with a higher growth rate of their firm size and productivity. Although firms allocated all the tax benefits to finance new investments and pay dividends in the short run, workers enjoyed an increase of 0.51 dollars in wages per dollar of the tax cut, which is 42% of the total benefits, after two years of the tax cut.
主讲人简介
吴斌珍目前是清华大学经管学院经济系长聘副教授。研究领域包括公共经济学、发展经济学、应用微观经济学。2006年获威斯康星大学麦迪迅分校经济学博士。在Games and Economics Behavior, Journal of Development Economics, Journal of Economic Perspectives, Journal of Comparative Economics, Economic Development and Cultural Change, China Quarterly 等国际期刊和《经济研究》《中国社会科学》《经济学季刊》等国内期刊发表过学术论文。主持过国家自科面上基金，青年基金，多个部委委托课题，以及清华大学自助的科研项目。目前担任经济管理学院经济系副系主任和清华大学财政税收研究所副所长。
欢迎感兴趣的师生参加!
校对| 郑筱婷
责编| 彭毅
初审| 杨本建
终审发布| 何凌云
（来源：暨南大学经济学院微信公众号）
