摘要
减税降费是保障实体经济高质量发展的重要政策。本文以企业金融化为切入点,利用我国2008—2020年非金融企业的数据,考察减税降费背景下企业税负对金融化的影响效应,结果发现税负能显著提高企业的金融资产配置水平,税负的下降对金融化具有抑制作用。进一步研究发现,融资约束在税负对企业金融化的影响中具有部分中介作用。考察公司治理和外部环境的调节作用发现,高管股权激励的增加和经济政策不确定性的上升将放大税负对企业金融化的正向作用;相较于国有企业,税负对非国有企业金融化的促进作用更大。从区分不同金融资产类型来看,在税负增加的情形下,企业更偏向于配置流动性强的短期金融资产。因此,应继续深化实施减税降费政策,有效抑制企业金融化。
The policy of tax cuts and fee reductions is an important policy to ensure high-quality development of the real economy.Taking enterprise financialization as the breakthrough point,this paper used the data of non-financial enterprises in China from 2008 to 2020 to analyze the impact of enterprise tax burden on enterprise financialization under the background of tax cuts and fee reductions.The results found that enterprise tax burden can significantly improve the level of financial asset allocation of enterprises,and the decline in enterprise tax burden has a significant inhibitory effect on enterprise financialization.Further analysis found that financing constraints play an intermediary role in the relationship between tax burden and enterprise financialization.Examining the regulatory role of enterprise governance and external environment,we found that the increase in executive equity incentives and the rising uncertainty of economic policies will strengthen the positive effect of enterprise tax burden on enterprise financialization;compared with state-owned enterprises,enterprise tax burden has a greater role in promoting enterprise financialization of non-state-owned enterprises.From the perspective of distinguishing different types of financial assets,in the case of increasing tax burden,enterprises are more inclined to allocate liquid short-term financial assets.Therefore,policies of tax cuts and fee reductions should be further implemented to effectively curb enterprise financialization.
作者
王青松
葛玉琴
WANG Qing-song;GE Yu-qin(College of Accounting,Hunan University of Technology and Business,Changsha,Hunan 410205)
出处
《商学研究》
2023年第1期105-117,共13页
Commercial Science Research
基金
湖南省研究生科研创新项目“减税降费对企业脱实向虚的影响研究”(CX20221165)
长沙市自然科学基金项目“经济‘脱实向虚’背景下非控股大股东对企业金融化的影响研究”(kq2208062)。
关键词
减税降费
税负
企业金融化
tax cuts and fee reductions
enterprise tax burden
enterprise financialization
