税收征管与企业投融资期限错配

Tax Enforcement and Investment and Financing Maturity Mismatch

税收征管作为政府税收政策以及征稽力度的集中体现,在公司治理中发挥着不容忽视的作用。本文以2008—2019年沪深A股上市公司为样本,考察税收征管对企业投融资期限错配的影响。研究发现,强有力的税收征管显著抑制了企业投融资期限错配;作用渠道检验表明,税收征管通过优化债务期限结构、抑制过度投资进而抑制企业投融资期限错配。进一步分析表明,税收征管对企业投融资期限错配的抑制作用在非国有企业、资产可抵押性较低、股权集中度较低、产品市场竞争程度较低、地区法治水平较高以及社会信任水平较低的企业中更加明显。本文丰富了税收征管和企业投融资期限错配的相关研究,为我国建立现代税收制度、完善企业治理结构、引导企业合理投融资决策提供了有益启示。

Tax enforcement as a concentrated manifestation of government tax policy and the in-tensity of tax collection,plays an undeniable role in corporate governance.This paper uses the 2008—2019 Shanghai and Shenzhen A-share listed companies as a sample to explore the impact of tax enforcement on the investment and financing maturity mismatch of enterprises.The study finds that strong tax enforcement significantly inhibits the mismatch of investment and financing maturity of enterprises.Mechanism tests show that tax enforcement suppresses the mismatch of investment and financing maturity of enterprises by optimizing the debt maturity structure and restraining ex-cessive investment.Further analysis shows that the inhibitory effect of tax collection and adminis-tration on the maturity mismatch of investment and financing is more obvious in non-state-owned enterprises,enterprises with low asset mortgage,low equity concentration,low product market competition,high regional legal level and low social trust level.This paper enriches the relevant re-search on tax collection and management and the mismatch of investment and financing periods of enterprises,and provides useful inspiration for China to establish a modern tax system,improve the corporate governance structure,and guide enterprises to make reasonable investment and financing decisions.