| 摘要: |
| 已有多篇文献强调税收征管的“治理效应”对企业行为的影响，却忽视了税收征 管可能存在的“征税效应”。本文立足于中国政企关系现实状况，着眼于系统评估税收征管的 “征税效应”对企业投融资活动的影响。基于2007-2013年中国A股上市公司数据的研究发现： 严格的税收征管提高了公司投资-现金流敏感性，降低了公司投资-托宾Q敏感性，且上述效应 对国有上市公司而言更显著。这意味着，税收征管会加剧上市公司尤其是国有上市公司的融资 约束，损害其投资效率。本文还证实法制环境的改善有助于缓解公司融资约束，提升公司投资 效率。本文不仅为理解税收征管活动的“征税效应”提供了有益视角，更为改善企业投融资环 境提供了政策启示。 |
| 关键词: 税收征管；投资效率；融资约束；法律环境 |
| DOI： |
| 分类号:F272.3 |
| 基金项目:基金项目：教育部人文社科研究青年基金项目“地方官员更替对企业避税的影响及其机制研究”（项目编号： 16YJC790129）；重庆市社会科学规划青年项目“重庆经济绿色化发展水平测度与实现路径研究”（项目编号：
2016QNJJ11）；西南政法大学学生科研创新计划资助项目“治理视角下政府税收征管对企业投资效率的影响研究”。 |
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| Tax Enforcement, Legal Environment and the Firms’ Investment and Financing Activities |
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Yu Wenchao Wang Xiaodan Wan Qingyu
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School of Economics, Southwest University of Political Science & Law
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| Abstract: |
| Previous literatures focus on testing the impact of the “governance effect” of tax enforcement on the firms’ behaviors, but neglect the possible “tax effect” of tax enforcement. Based on the current situation of Chinese government-enterprise relationship, this paper studies the impact of the “tax effect” of tax enforcement on the firms’ investment and financing activities. Using Chinese A-share listed firms from 2007 to 2013 as sample, we find that stricter tax enforcement increases the investment-cash flow sensitivity, reduces the investment-tobin Q sensitivity and these impacts are more significant for state-owned listed firms. The findings imply that stricter tax enforcement is significantly associated with strong financing constraint and lower investment efficiency. Meanwhile, this paper verifies the positive effect of the improvement of legal environment on easing financing constraint and improving investment efficiency. This paper provides not only the useful perspective to understand the “tax effect” of tax enforcement, but also the policy suggestions to perfect the environment of the firms’ investment and financing activities. |
| Key words: Tax Enforcement； Investment Efficiency；Financing Constraint；Legal Environment |
