税负粘性对企业投资不足的影响——基于蓄水池动机的视角

The Impact of Tax Stickiness on Enterprises'Underinvestment——Based on the Perspective of Reservoir Motivation

近几年,国内经济稳增长压力加大,民间投资低位运行,政府不断通过减税降费为企业纾困。在此过程中,税负粘性使得企业税收负担率易升难降,在增大企业税负痛感的同时,也损害了减税政策的实效性。因此,税负粘性是否会造成投资不足值得我们深入研究。基于此,本文选取2007—2021年上市公司面板数据进行实证分析,得出如下结论:其一,税负粘性显著加剧了企业投资不足的程度,多种稳健性检验均支持了这一观点。其二,机制分析表明,税负粘性加大了企业的预防性储蓄的蓄水池动机,从而产生了投资抑制效应。其三,异质性分析显示,税负粘性对非国有企业和制造业企业投资不足的影响更为突出。结合研究结论,本文对进一步优化减税降费政策、解决企业投资不足提出相关政策建议。

In recent years,the pressure on the domestic economy to stabilize growth has increased,private investment has been operating at a low level,and the central government has repeatedly supported enterprises by cutting taxes and fees.In this process,the stickiness of the tax burden makes the tax burden rate of enterprises easy to increase and hard to decrease,resulting in heightened pain for enterprises and undermining the effectiveness of tax reduction policies.How the stickiness of tax burden impacts the investment efficiency of enterprises is a realistic issue that deserves attention.Based on this,this paper utilizes panel data of listed companies from 2007 to 2021 to build a fixed-effect model for empirical analysis and draws the following conclusions.First,the stickiness of tax burden significantly aggravates the degree of underinvestment of enterprises,and various robustness tests support this view.Secondly,the mechanism analysis shows that the tax stickiness increases the precautionary savings of enterprises,thereby creating an inhibitory effect on investment.Thirdly,heterogeneity analysis shows that the impact of tax stickiness on the underinvestment of non-state-owned enterprises and manufacturing enterprises is more prominent.Based on the research condusions,this paper puts forward relevant polocy recommendations for futher optimizing tax and fee reduction policies,and addressing the issue of enterprises'underinvestment.