| 摘要: |
| “金税三期”分阶段实施的特征，为研究我国税收征管制度改革效应提供了契机，本文以2008-2019年中国A股上市公司为研究对象，考察了“金税三期”改革对企业投资行为的影响。研究发现，“金税三期”改革降低了A股上市公司的投资水平。机制分析表明，“金税三期”形成征管效应，通过提高税收征管强度减少企业拥有的自由现金流，最终影响了投资水平；“金税三期”形成治理效应，通过抑制企业代理问题影响投资水平；“金税三期”形成监管效应，通过降低企业融资约束影响投资水平。异质性分析表明，“金税三期”对企业投资水平的影响在非国有、机构投资者占比较低，对欠发达地区企业的影响更明显。进一步分析表明，“金税三期”提高了企业投资效率。本文结论有助于全面认识我国税收征管强度加强对企业投资行为的影响，也能为“金税四期”改革的推行和效应提供经验证据。 |
| 关键词: 税收征管；金税三期；企业投资 |
| DOI： |
| 分类号:F830.91；F275.2 |
| 基金项目:基金项目：国家社会科学基金项目“研发费用所得税加计扣除政策对企业开发支出会计政策选择的影响及经济后果”（16BGL065）。 |
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| Tax Enforcement and Corporate Investment:A Quasi-natural Experiment Based on Golden Tax-Ⅲ |
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LIU Yi-nan,LIU Yong-tao
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（School of Public Finance and Taxation,Capital University of Economics and Business）
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| Abstract: |
| The phased implementation of the “Golden Tax-Ⅲ” provides an opportunity to study the effects of the reform of tax enforcement.This paper provides evidences for the “Golden Tax-IV” by examining the impact on corporate investment.This paper uses the data of China’s A-share listed companies from 2008 to 2019 and found that the application of the “Golden Tax-Ⅲ” reduced the investment level.The mechanism analysis shows that the “Golden Tax-Ⅲ” forms a management effect,which reduces the free cash flow of enterprises and affects the investment level;The “Golden Tax-Ⅲ” forms a governance effect and affects the investment level by suppressing the agency problem of enterprises;“Golden Tax-Ⅲ” also forms a regulatory effect and affects investment levels by reducing corporate financing constraints.Heterogeneity analysis shows that the impact of the “Golden Tax-Ⅲ” on the investment level of enterprises is more obvious in non-state-owned enterprises,with a low proportion of institutional investors and enterprises in the western region.Further analysis shows that the “Golden Tax-Ⅲ” has improved the investment efficiency of enterprises.The conclusion of this paper is helpful for a comprehensive understanding of the impact of the strengthening of tax enforcement on the investment behavior of enterprises.It can also provide a evidence for the “Golden Tax-IV”. |
| Key words: Tax Enforcement;Golden Tax-Ⅲ;Corporate Investment |
