税收负担如何影响企业高质量发展:基于企业数字化转型的调节效应

How Does the Tax Burden Affect the High-quality Development of Enterprises:Based on the Moderating Effect of the Enterprise Digital Transformation

在中国经济内生增长动力转型的背景下,税收作为政府引导企业发展方向的重要制度安排,是推动企业向高质量发展变革的关键力量。基于我国2012-2021年A股上市公司数据,探讨税收负担对企业高质量发展的影响及企业数字化转型在其中的调节效应,研究发现:税收负担与企业高质量发展之间存在先升后降的倒“U”型关系,企业数字化转型负向调节了二者的关系并使拐点向左偏移。具体而言,在达到最优临界值前,税收负担对企业高质量发展具有促进作用,且数字化转型能够强化税负对企业高质量发展的反哺效应和激励效应;当税收负担超越与企业高质量发展相适配的合理区间后,提高税收负担会阻碍企业高质量发展,此时数字化转型会加剧因税负过重导致的资源约束、削弱企业的风险承受能力、提高违规行为的隐蔽性,增强税收负担对企业高质量发展的抑制作用。同时,税收负担对企业高质量发展各子系统的影响存在差异,在企业绿色发展、共享发展和风险防控维度中,二者之间的倒“U”型关系更显著。此外,在新兴和非新兴优势行业中,税收负担与企业高质量发展均呈现倒“U”型关系,但新兴优势行业的拐点会提前出现。

In the context of the transformation of China's endogenous economic growth dynamics,taxation,as an important institutional arrangement for the government to guide the direction of enterprise development,is a key force in the transformation of enterprises to high-quality development.Based on the data of A-share listed companies in China from 2012 to 2021,we have explored the impact of tax burden on the high-quality development of enterprises.The results show that there is an inverted U-shaped relationship between tax burden and high-quality development of enterprises,and the digital transformation of enterprises negatively adjusts the relationship and shifts the inflection point to the left.Concretely speaking,before reaching the optimal critical value,the tax burden has a catalytic effect on the high-quality development of enterprises,and the digital transformation can strengthen the feed-back effect and incentive effect of the tax burden on the high-quality development of enterprises.When the tax burden exceeds the reasonable range appropriate to the high-quality development of enterprises,raising the tax burden will hinder the high-quality development of enterprises.At this time,digital transformation will aggravate the resource constraints caused by excessive tax burden,weaken the risk tolerance of enterprises,enhance the concealment of irregularities,and strengthen the inhibiting effect of tax burden on the high-quality development of enterprises.Further,the impact of tax burden on enterprise quality development varies across dimensions,with the inverted“U”shape relationship being more pronounced in green development,shared development and risk prevention and control.In addition,the inverted U-shaped relationship between tax burden and enterprise quality development is supported in all industries,while the inflection point of emerging dominant industries will appear earlier.