实体企业金融化对税收激进的影响研究

Research on the Impact of Entity Enterprise Financialization on Tax Radicalization

近年来,许多实体企业纷纷调整投资策略,将资金投入金融业,使金融资产占总资产的比例日益提高,由此带来的经济后果广受关注。目前,学术界对企业金融化经济后果的探讨尚未得出一致的结论,企业金融化对税收激进的影响也是一个亟待厘清的问题。基于此,本文应用固定效应回归模型研究实体企业金融化行为对税收激进的影响,并探讨融资约束、税收征管对两者关系的调节作用。研究发现:实体企业金融化对税收激进度有显著的正向影响,并且这种影响随着企业融资约束的提高、税收征管力度的降低更加显著。因此,政府应依据实体企业金融化的程度锁定税收激进企业,加强对实体企业金融投资行为的管控,制定提高企业流动性的税收激励政策,完善延期缴税制度。

In recent years,many real enterprises have adjusted their investment strategies and invested capital in the financial industry,making the proportion of financial assets in total assets increase day by day.The economic consequences caused by this are widely concerned.At present,the academic community has not reached a consistent conclusion on the economic consequences of enterprise financialization,and the impact of enterprise financialization on radical taxation is also a problem that needs to be clarified.Based on this,this paper applies the fixed effect regression model to study the impact of entity enterprises’financial behavior on tax radicalization,and discusses the regulatory role of financing constraints and tax collection and management on the relationship between them.The research finds that the real enterprise financialization has a significant positive impact on the progress of tax incentives,and this impact is more significant with the improvement of enterprise financing constraints and the reduction of tax collection and management.Therefore,the government should lock in tax radical enterprises according to the degree of financial transformation of real enterprises,strengthen the control of financial investment behavior of real enterprises,formulate tax incentive policies to improve enterprise liquidity,and improve the deferred tax payment system.