税收政策激励与企业风险承担——基于固定资产加速折旧政策的微观经验证据

Tax Policy and Firms'Risk-taking:Micro-empirical Evidence from the Accelerated Depreciation Reform of Fixed Assets

受疫情和贸易摩擦的双重影响,企业避险情绪高涨。然而,主动承担风险是企业持续发展的重要动力。本文基于2010—2017年中国A股上市公司数据,利用固定资产加速折旧带来的税收政策实验,采用双重差分法考察税收政策激励企业风险承担的具体机制。研究发现,税收激励显著提升了企业风险承担水平,该效应主要通过缓解融资约束进而增强资本投资及研发创新投资等风险性项目选择而实现。进一步研究发现,良好的制度环境以及宽松的税收征管环境会强化税收政策的激励效应。

Under the dual influence of the pandemic and trade frictions,firms'risk aversion is on the rise.However,active risk-taking is an important driving force for firms'sustained development.Based on the tax policy experiment brought by the accelerated depreciation reform of fixed assets in 2014,this paper investigates the specific mechanism of tax policy to motivate firms to take risks by using the data of China's A-share listed firms from 2010 to 2017 and the difference-in-differences method.It is found that tax incentives have significantly increased the level of firms'risk-taking,which is mainly achieved by easing financing constraints and enhancing capital investment and risky projects such as R&D investment.Further study shows that good institutional environment,and loose tax collection and management environment can strengthen the promotion effect of tax incentives.