减税降费与实体企业金融化抑制--兼论内部控制有效性的调节作用

Tax and Fee Reduction and Financialization Inhibitory of Entity Enterprises--Also on the Regulation Effect of the Effectiveness of Internal Control

以2007~2019年我国沪深A股上市公司的样本数据,实证检验减税降费对实体企业金融化的抑制作用,以及内部控制有效性对上述效应的影响。研究表明,减税降费能够有效抑制实体企业金融化,内部控制有效性越高,越能够强化减税降费对实体企业金融化的抑制作用。进一步研究发现,减税降费能够通过缓解融资约束和提高投资效率抑制实体企业金融化。本文拓展了减税降费经济后果的研究,对企业提高内部控制有效性以提高减税降费政策的抑制金融化效果有一定的启示意义。

Based on the sample data of A-share listed companies in Shanghai and Shenzhen from 2007 to 2019, empirically examines the inhibitory effect of tax and fee reduction on the financialization of entity enterprises, as well as the impact of the effectiveness of internal control on the above mentioned effects. The research shows that the tax and fee reduction can effectively inhibit the financialization of entity enterprises, the higher the effectiveness of internal control,the more it can strengthen the inhibition of the financialization of entity enterprises. Further research has found that tax and fee reduction can inhibit the financialization of entity enterprise by alleviating financing constraints and improving investment efficiency. This paper expands the research on the economic consequences of tax and fee reduction, and has certain enlightenment significance for enterprises to improve the effectiveness of internal control to improve the effect of tax and fee reduction policy to inhibit financialization.