国地税合并、税收负担与企业应对——基于现金持有视角

NTB-LTB Merger Reform,Tax Burden and Corporate Response——Based on the Cash Holding Perspective

评估国地税合并改革的微观经济效应,不仅有助于各项企业税收优惠政策的全面落实,而且对于建立健全现代税收治理体系下的税收管理架构也具有重要意义。本文将国地税合并改革视为一项“准自然实验”,采用双重差分方法考察了其对企业行为决策的影响。实证结果显示,国地税合并改革之后,企业的预防性储蓄动机加强,进而增持更多现金资产,主要原因在于国地税合并改革显著增加了企业的税收负担。进一步的异质性分析发现,国地税合并改革对现金持有的影响会因企业内部特征和外部环境差异而呈现不同的作用效果,具体表现为在融资约束严重、盈利能力弱及税收征管环境差的企业中该效应更为凸显。此外,本文还发现,为缓解税收负担增加带来的财务压力,企业在国地税合并改革之后,一方面会减少投资支出、劳动投入和股利支付,另一方面会增加商业信用融资。本文结论表明,政府部门在深化税收征管改革以规范企业纳税行为的同时,需要特别注重税收负担给企业带来的财务压力,以避免阻碍企业长远发展。

Assessing the micro-economic effects of the merger of National Tax Bureaus(NTB)—Local Tax Bureaus(LTB)don't only contributes to the full implementation of various corporate tax preferential policies,but also has important significance for establishing and improving the tax management structure under the modern taxation governance system.We regard the NTB-LTB merger reform as a“quasi-natural experiment”,and use the difference in difference method to examine its impact on corporate behavior.The results show that after the NTB-LTB merger reform,the firms'preventive savings motives strengths,so they hold more cash assets.The reason is that the NTB-LTB merger reform increases firms'tax burden.The analysis of heterogeneity finds that the impact of the NTB-LTB merger reform on cash holdings will be different due to differences in firms'internal characteristics and the external environment.Specifically,this effect is more prominent in firm with severe financing constraints,weak profitability,and facing poor tax collection environments.In addition,we also find that in order to alleviate the financial pressure caused by the increase in tax burden,after the NTB-LTB merger reform,enterprises will reduce investment expenditure and employment expenditure on the one hand,and increase commercial credit financing on the other hand.The conclusion of this paper indicates that while improving the tax collection system to regulate corporate taxation behavior,government need to pay special attention to the financial pressure that tax burdens bring to firms to avoid hindering the long-term development of enterprises.