税收负担与企业财务绩效——基于纳税支出粘性的调节效应

Research on the Relationship between Tax Burden,Tax Expenditure Stickiness and Financial Performance of Enterprises

本文以中国沪深A股上市公司2008-2017年的数据为样本,证明企业纳税支出变动存在粘性,实证研究税收负担与企业财务绩效之间的关系以及纳税支出粘性在二者关系中的调节效应。结果表明:税收负担与企业财务绩效显著负相关,税收负担越重,企业财务绩效越低;纳税支出粘性与企业财务绩效具有显著负相关关系,纳税支出粘性越大,企业财务绩效越低;并且纳税支出粘性显著增强了税收负担与企业财务绩效之间的负相关关系。进一步研究发现,纳税支出粘性对税收负担与企业财务绩效之间负向关系的增强效应在中成长性的企业中显著,在低成长性和高成长性的企业中不显著。最后提出有关提高企业财务绩效的对策与建议。

Based on the data of A-share listed companies in Shanghai and Shenzhen from 2008 to 2017,this paper proves that there is stickiness in the change of enterprise tax expenditure,and empirically studies the relationship between tax burden and corporate financial performance,and the role of tax payment stickiness in the path of tax burden affecting corporate financial performance.The results show that:the tax burden and corporate financial performance are significantly negatively correlated,the heavier the tax burden,the lower the financial performance of the enterprise;there is a significant negative correlation between the tax expenditure stickiness and the enterprise financial performance;the greater the tax expenditure stickiness,the lower the enterprise financial performance;and the tax payment stickiness significantly enhances the relationship between tax burden and enterprise financial performance.Further research shows that the enhancement effect of tax payment stickiness on the negative relationship between tax burden and corporate financial performance is significant in medium growth enterprises,but not in low growth and high growth enterprises.Finally,it puts forward the countermeasures and suggestions on improving the financial performance of enterprises.