市场化程度与民营企业税收负担:代理冲突的中介作用——来自中国A股制造业上市公司的经验证据

Degree of Marketization and Tax Burden of Private Enterprise:Mediator Effect of Agency Conflict——Empirical Evidence from China's Listed A Share Manufacturing Companies

以2007—2009年中国A股民营制造业上市公司为样本,实证检验了市场化程度影响企业税收负担的内在机理。实证结果发现,市场化程度提高不仅能够直接降低民营企业税收负担,而且市场化程度提高通过抑制代理冲突从而间接降低民营企业的税收负担。代理成本在市场化环境影响民营企业税收负担的过程中发挥中介作用。因此,提高市场化程度、缓解代理冲突能够有效降低民营制造企业税收负担。

Using data of listed manufacturing companies of A share from 2007 to 2009 as the sample,the positive experience identifies the influence mechanism of marketization on the tax burden of private enterprise.The positive findings show that the improvement of marketization degree can not only decrease the tax burden of private enterprise directly but also lower the tax burden of private enterprise indirectly through inhibiting agency conflicts.Agency cost can play the mediator role in the process of influencing the tax burden of private enterprises in the marketization environment.Accordingly,improving the marketization and relaxing agency conflicts are able to lower the tax burden of private enteoprises effectively.