税收优惠对中国装备制造业发展的财务效应研究——基于2010—2020年上市公司数据

On the Financial Effect of Tax Preference on the Development of China's Equipment Manufacturing Industry:Based on the Data of Listed Companies from 2010 to 2020

装备制造业是工业的核心部分和国民经济的生命线,是支撑国家综合国力的重要基石。目前我国装备制造业存在着大而不强的问题,因此更需要政府发挥有形之手的作用,通过税收优惠政策来促进装备制造业高质量发展。基于2010—2020年127家装备制造业上市公司的面板数据,实证检验税收优惠对装备制造业发展的财务效应。结果显示:第一,税收优惠对装备制造业企业经营业绩带来显著的正向影响;第二,税收优惠通过降低装备制造业企业的综合风险,对其经营业绩产生了间接影响。采用滞后自变量回归、更换被解释变量和中介变量进行稳健性检验,实证结果均保持一致。鉴于税收优惠对装备制造业的经营业绩有显著的正向影响,政府在政策层面可以进一步地优化税收优惠环节的设置、加大税收优惠力度,使装备制造业更加健康持续地发展,夯实实体经济的根基。

Equipment manufacturing industry is the core part of industry and the lifeline of the national economy,and an important cornerstone of the comprehensive national strength.At present,China's equipment manufacturing industry is large but not strong,which requires the government to play a tangible role and promote the high-quality development of China's equipment manufacturing industry through preferential tax policies.Based on the panel data of 127 listed equipment manufacturing companies in China from 2010 to 2020,this paper empirically tests the financial effect of tax preference on the development of China's equipment manufacturing industry.The results show that first,tax preference has a significant positive impact on business performance;second,tax preference has an indirect impact on the business performance of equipment manufacturing enterprises by reducing the comprehensive risk of enterprises.The results of robustness test by lagged independent variable regression,changing explained variables and changing intermediary variables are consistent.In view of the significant positive impact of tax preference on the business performance of China's equipment manufacturing industry,the government can further optimize the setting of tax preference process and intensify tax preference at the policy level,so as to promote the healthy and sustainable development of China's equipment manufacturing industry and lay a solid foundation for the real economy.