税收优惠对中小企业投融资能力的影响

The Infl uence of Preferential Tax Policies on the Investment and Financing Ability of Small and Medium Sized Enterprises

本文基于中小板和创业板上市公司的数据,利用面板分位数回归方法,实证检验了税收优惠对中小企业投融资的影响。回归结果表明,不论是投资还是融资,税收优惠在低分位回归中的影响效果都不显著,仅在高分位回归正向显著。而对于中小企业低分位的融资甚至呈现负相关关系。这说明,现有的税收优惠政策依然对中小企业的投融资具有"累积效应",税收优惠在投融资水平较低的中小企业群体中无效甚至表现为负效应。本文的结论有助于我国税收优惠政策的精准、有效投放,进一步提高财政资金的使用效率。

Based on the data of listed companies in SME board and GEM, this paper studies the influence of tax preference on small and medium-sized enterprises （SMEs） investment and financing empirically by means of panel data quantile regression. The regression results show that effects of tax preference on both the investment and the financing, the impact of tax preference in the low quantile regression is not significant, only in the high quantile regression. For the low level of financing of SMEs, even it is a negative correlation. This shows that the current preferential tax policies still have an ＂accumulative effect＂ on the investment and financing of SMEs and among those with a low level of investment and financing, tax preference is ineffective or even negative effect. The conclusion of this paper is helpful to carry out the preferential tax policies precisely and effectively in China, and to improve the efficiency of the use of fiscal funds.