关键词: 出口退税率差异化, 资源误置, 异质性

Abstract: Based on the industrial data and highly disaggregated customs data from 2000 to 2007, this paper measures the tax rebate disparity between firms within the industry and builds a panel data model to analyze the effects of tax rebate disparity on resource misallocation in Chinese manufacturing sectors. The results show that tax rebate disparity is a significant reason that leads to resource misallocation in Chinese manufacturing sectors. After considering the measurement of resource misallocation, the conclusions are robust. Furthermore, the effects of tax rebate disparity on resource misallocation are significantly different among industries with different characteristics, including different factor intensity of the industry, different strength of tax rebate, different regions and different proportion of processing trade. Further channel test shows that, compared to entry effect and exit effect, across firm effect is the main channel by which tax rebate disparity influence the source misallocation in Chinese manufacturing sectors. Policy implication of the paper is that government should reform tax rebate mode, reduce tax rebate dependence and improve industry policy to optimize resource allocation and achieve export upgrading in Chinese manufacturing sectors.

Key words: Tax Rebate Disparity, Resource Misallocation, Heterogeneity