摘要
使用2002—2013年我国上市公司数据,实证检验税收激励引致的投资结构偏向与企业价值的关系,并考察了股权性质和地区差异的影响。结果发现:投资结构偏向整体上并未对企业价值产生显著影响,而税收激励引致的投资结构可以增加企业价值;税收激励引致的投资结构对企业价值的正向促进作用仅存在于非国有和处于东部地区的企业中;2008年所得税改革进一步加强了税收激励对投资结构价值效应的影响。
This paper empirically studies the relation between deviations of investment structure caused by tax incentives and firm value,and the impact of ownership property and regional difference by using China＇s A- share listed firms during the year 2002- 2013. The results indicate that deviations of investment structure does not affect the firm value on the whole,while the deviations of investment structure caused by tax incentives increase the enterprise value. However,the relationship exists only in corporates which are non- state and locate in the eastern region. Further studies combined with the 2008 tax reform showthat this reform promotes the influence of tax incentives on valve effect of investment structure.
作者
张莹
王雷
ZHANG Ying WANG Lei(School of Public Finance and Taxation, Southwestern University of Finance and Economics, Chengdu 611130 School of Economics and Business Administration, Chongqing University, Chongqing 400045)
出处
《财贸研究》
CSSCI
北大核心
2016年第5期136-146,共11页
Finance and Trade Research
基金
中央高校基本科研业务费研究项目"资本利得税的经济效应研究"(JBK1407045)
关键词
税收激励
投资结构
权益性投资
企业价值
tax incentives
investment structure
equity investment
firm value
