摘要
本文利用2007—2022年中国A股上市公司数据实证检验了税负粘性对企业金融资产配置的影响。区别于以往研究,本文从资产可变现能力的视角出发,将企业金融资产划分为安全金融资产和风险金融资产,结果表明:税负粘性显著促进了企业安全金融资产的持有,减少了对风险金融资产的配置,在多种稳健性检验下该结论依然成立。机制分析发现,税负粘性会加大企业的融资约束程度,进而迫使企业配置更多安全金融资产。异质性分析发现,在不同货币政策时期、不同企业生命周期和不同行业类型下税负粘性对企业金融资产配置的影响具有差异化表现。进一步的经济后果分析显示,税负粘性带来的企业安全金融资产配置的增多显著抑制了企业进行实体经济投资和研发创新。本文的研究为进一步提升减税降费政策效果、引导企业“脱虚入实”提供了参考。
This paper empirically examines the impact of tax stickiness on corporate financial asset allocation using data of Chinese A-share listed companies from 2007 to 2022.Different from previous studies,this paper divides corporate financial assets into safe and risky financial assets from the perspective of asset liquidity,and the results show that tax stickiness significantly promotes the holding of safe financial assets and reduces the allocation of risky financial assets,and the conclusion still holds under multiple robustness tests.Mechanistic analyses find that tax stickiness may increase the degree of corporate financing constraints,which in turn forces enterprises to allocate more safe financial assets.Heterogeneity analysis finds that the impact of tax stickiness on corporate financial asset allocation is differentially manifested under different monetary policy periods,different enterprise life growth cycles and different industry types.Further analysis of the economic consequences shows that the increased allocation of firms’secure financial assets due to sticky tax burdens significantly inhibits firms from investing in the real economy and innovating in R&D.The research in this paper provides a reference for further enhancing the effectiveness of tax and fee reduction,and guiding enterprises to“move from the virtual to the real”.
作者
郭健
王洁怡
Guo Jian;Wang Jieyi
出处
《财政研究》
CSSCI
北大核心
2023年第9期103-116,共14页
Public Finance Research
基金
国家社会科学基金项目“推进数字技术与制造业深度融合的财税激励机制研究”(23BJY025)。
作者简介
郭健,山东财经大学财政税务学院教授、博士生导师,电子邮箱:uniteguo@163.com;王洁怡,山东财经大学财政税务学院硕士研究生,电子邮箱:wjy_0006@163.com。
