税收征管与企业金融化

Tax Collection and Management and Corporate Financialization

税收征管不仅发挥了保证国家收入、稳定社会发展的重要作用,还会对企业运营产生重要影响。在当前经济“脱实向虚”问题愈演愈烈的情况下,从政策角度出发研究税收征管对企业金融化的影响具有重要的理论意义和现实意义。本文以2012—2020年A股上市公司为样本,利用金税三期这一准自然实验,应用多期双重差分模型(DID)研究税收征管对企业金融化的影响。研究发现,金税三期显著促进企业金融化。机制分析表明,金税三期给企业运营带来冲击,通过现金流机制和成本机制激发了企业储蓄动机进而促进企业金融化,现金流冲击大和实体盈利能力差的企业受到的促进作用更强。进一步研究发现,金税三期增加了短期金融投资、抑制了企业金融投机动机、提高了企业的实体投资效率。本文丰富了税收征管经济后果和企业金融化影响因素的研究,也为增强金融业对实体经济服务能力提供重要的思路。

Tax collection and management not only plays an important role in ensuring national revenue and stabilizing social development,but also has an important impact on the operation of enterprises.Under the current situation of the increasingly fierce problem of economic“derealization to virtuality”,it is of great theoretical and practical significance to study the impact of tax collection and management on the financialization of enterprises from the perspective of policy.Taking the A-share listed companies from 2012 to 2020 as a sample,this paper uses the quasi-natural experiment of Golden Tax phase III to apply the multi-period double difference model(DID)to study the impact of tax collection and management on corporate financialization.The study found that the third phase of the Golden Tax significantly promoted the financialization of enterprises,and the mechanism analysis showed that the third phase of the Golden Tax had an impact on the operation of enterprises,and stimulated the motivation of enterprises to save through the cash flow mechanism and cost mechanism to promote the financialization of enterprises,so that enterprises with large cash flow impact,poor profitability,high agency costs and low information transparency were more effectively promoted.Further research found that the third phase of the Golden Tax increased shortterm financial investment,inhibited the motivation of enterprise financial speculation,and improved the efficiency of enterprise entity investment.This paper enriches the research on the economic consequences of tax collection and management and the influencing factors of corporate financialization,and also provides important ideas for enhancing the ability of the financial industry to serve the real economy.