地方政府债务、税负效应与企业投资

Local Govemment Debt,Tax Burden Effect and Corporate Investment

本文以中国A股上市公司为研究对象,从税负效应视角探究地方政府债务对企业投资水平的影响机制及后果。研究发现,相较于国有企业,地方政府债务扩张加重了非国有企业的实际税负;地方政府债务的税负效应对非国有企业投资的抑制更显著;尤其是在财政压力较大的地区,地方政府债务的税负效应对非国有企业投资的抑制更显著。该研究结论在进行了一系列内生性和稳健性检验,尤其是在控制了地方政府债务的信贷挤占效应之后,依然成立。最后,经济后果分析表明,地方政府债务扩张会明显抑制非国有经济占比较高地区的经济发展。本文的研究结论为地方政府债务和税收征管对企业经营影响提供了新的微观证据,有助于防范化解地方政府债务风险,并为深化税收制度改革、规范税收征管提供理论依据和政策建议。

This article takes A-share listed companies from 2006 to 2018 as a sample,and empirically examines the mechanism and consequences of local government debt on corporate investment levels from the perspective of corporate tax burden effects.The study found that compared to state-owned enterprises,the expansion of local government debt caused the actual tax burden of non-state enterprises to be heavier;The tax burden effect of local government debt has a more significant effect on the investment of non-state owned enterprises;Especially in regions with high financial pressure,the tax burden effect of local government debt is more significant in inhibiting investment by non-state owned enterprises.This research conclusion is still valid after a series of endogenous and robust tests have been conducted,especially after controlling the credit crowding effect of local government debt.Finally,the economic consequences analysis shows that the expansion of local government debt will significantly inhibit the economic development of areas with a high proportion of non-state-owned economies.The research conclusions of this article provide new micro evidence for in-depth understanding of the impact of local government debt and tax collection and management on enterprise operations,help prevent and resolve local government debt risks,and provide theoretical basis and policy recommendations for deepening tax system reform and standardizing tax collection and management.