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税收竞争和资本外流风险导致辖区政府追求高增长、不分配(低税)政策,但是,良好的投资环境可以在较高税负的前提下吸引住资本,既使经济增长,又使收入公平分配。本文在一个非合作开放经济框架中构建的理论模型表明:(1)资本税负越重,资本外流越严重;(2)如果投资环境改善,资本流入且促进经济增长,工人依附资本取得劳动报酬并在一定程度上抑制收入不平等;如果投资环境恶化,资本进一步流出至外地获取收入并使本辖区经济增长减速,工人失去资本依赖且无法取得收入,在一定程度上扩大了收入不平等。联立方程计量分析验证了理论命题。本文的政策建议是,保持对资本所得的有效税负,改善投资环境,形成经济增长与收入公平分配并行的路径。
Tax competition and the risk of capital outflows lead to the government of the prefectures pursuing a policy of high growth and non-distribution (low tax). However, a good investment environment can attract capital under the premise of higher tax burden. Even if the economy grows and the income is distributed fairly . The theoretical model constructed in a non-cooperative open economy framework shows that: (1) The heavier the capital tax burden, the more serious the capital outflow; (2) If the investment environment improves, capital inflows and promote economic growth, workers rely on capital to obtain remuneration And to a certain extent, curb income inequality. If the investment environment is deteriorated, further capital outflow to obtain income and decelerate the economic growth in this area, the workers lose their capital dependence and can not obtain income, thus expanding income inequality to a certain extent. Simultaneous equation econometric analysis validates the theoretical proposition. The policy recommendations in this article are to maintain an effective tax on capital gains, improve the investment environment, and establish a parallel path between economic growth and income distribution.