所得税优惠税率能改善实体企业“不务正业”现象吗?

Can the Preferential Income Tax Rate Restrain the Phenomenon of the Financialization of Entity Enterprises

近年来,随着实体经济下行压力攀升及金融工具日益丰富,实体企业金融化现象愈演愈烈,如何遏制实体企业“不务正业”行为是推动实体经济高质量发展的关键所在。基于此,文章以我国2010-2019年非金融、非房地产类A股上市公司数据为样本,考察企业所得税税率优惠是否及何以影响实体企业金融化,以期验证所得税税率优惠影响实体企业金融化的作用机理及路径。研究发现:所得税税率优惠对实体企业金融化具有抑制作用,且创新投资和固定资产投资是所得税税率优惠影响实体企业金融化的中介变量。文章的探索丰富了相关领域的研究,同时为政府进一步完善所得税优惠体系,保证税收政策的有效落实及引导企业优化投资结构、缓解脱实向虚提供了经验依据。

In recent years,as the pressure of the real economy downturn has increased and the increasing abundance of financial in⁃struments,the financialization of entity enterprises has become more and more intense.How to curb this abnormal behavior of real enterprises is the key to promoting the high-quality development of the real economy.Based on this,taking the 2010-2019 Shang⁃hai-Shenzhen A-share non-financial and non-real estate industry listed company as the research sample to investigate whether and how the preferential income tax rate impact the financialization of entity enterprises,so as to verify the working mechanism and path of such impacts.The study founds that:the preferential income tax rate has a restraining effect on the financialization of entity enterprises,and innovation investment and fixed asset investment are the intermediary variables in which the preferential income tax rate affects the financialization of entity enterprises.The exploration of this article enriches the research in related fields,and at the same time,it provides an empirical basis for the government to improve the income tax preference system,ensure the effective implementation of tax policies,and guide enterprises to optimize the investment structure and alleviate the lack of reality.