税收负担与僵尸企业的U型关系——政府补助与企业创业导向的调节作用

The U-Shaped Relationship Between Tax Burden and Zombie Firms:Moderating Role of Government Subsidies and Corporate Entrepreneurial Orientation

以2010—2020年沪深A股上市公司为研究样本,采用二元Logistic回归法,从企业税收负担角度探究僵尸企业形成的影响因素。研究发现,企业税收负担与企业僵尸化之间存在着显著的正“U”型关系;政府补助和企业创业导向在税收负担影响企业僵尸化的过程中发挥调节作用。从税制结构角度分析,企业税收负担与僵尸企业的正“U”型关系是企业流转税税负和企业所得税税负共同作用的结果。

Using the 2010—2020 Shanghai and Shenzhen A-share listed companies as the research sample,the binary logistic regression method was used to explore the factors influencing zombie enterprises from the perspective of corporate tax burden.It is found that there is a significant positive U-shaped relationship between corporate tax burden and corporate zombification;government subsidies and corporate entrepreneurial orientation play a moderating role in the process of tax burden influencing corporate zombification.From the perspective of tax structure,the positive U-shaped relationship between corporate tax burden and zombie enterprises is the result of the combined effect of corporate turnover tax burden and corporate income tax burden.