减税降费、大股东减持与企业风险承担  

Tax and Fee Reductions, Major Shareholder Reductions and Corporate Risk Assumptions

作　　者：曹志鹏 李舒婷 梁佳萍 CAO Zhipeng;LI Shuting;LIANG Jiaping(School of Economics and Management,Shaanxi University of Science and Technology,Xi'an Shaanxi 710021)

机构地区：[1]陕西科技大学经济与管理学院,陕西西安710021

出　　处：《西部金融》2022年第11期16-25,共10页West China Finance

基　　金：国家社科基金项目“利率市场化下商业银行产权结构对资金配置效率影响研究”(16XJY020);陕西省创新人才推进计划-科技创新团队“乡村绿色发展技术与决策支持创新团队”(2021TD-35)。

摘　　要：本文选取2010-2020年中国A股上市公司为研究样本,实证研究减税降费、大股东减持与企业风险承担的内在关系。研究结果发现:减税降费与风险承担之间显著正相关,大股东减持比例加大也提高了风险承担水平,并且作为调节变量,弱化了减税降费与风险承担的正相关关系。通过滞后效应检验发现:在当期效应与逐渐衰减的滞后效应协同影响下,减税降费政策对风险承担存在持续性的影响。企业属性和特征差异下的非对称效果显著,减税降费政策更能推动高科技企业和高市场竞争程度的企业风险承担水平的提高。本文的研究拓展了减税降费和企业风险承担相关理论研究,为发挥减税降费政策效果、抑制大股东减持套利并提高风险承担水平提供了经验证据。Selecting China’s A-share listed companies from 2010 to 2020 as a research sample,the relationship between tax reduction and fee reduction,major shareholder reduction and corporate risk assumption is empirically studied.The results of the study show that there is a significant positive correlation between tax reduction and fee reduction and risk bearing,and the increase in the proportion of major shareholders reducing their holdings also improves the level of risk bearing,and as a regulatory variable,the positive correlation between tax reduction and fee reduction and risk bearing is weakened.Through the lag effect test,it is found that under the synergistic influence of the current effect and the gradually decaying lag effect,the tax reduction and fee reduction policy has a sustained impact on risk bearing.The asymmetric effect under the difference in the attributes and characteristics of enterprises is remarkable,and the tax reduction and fee reduction policy can better promote the improvement of the risk bearing level of high-tech enterprises and enterprises with high market competition.The study expands the theoretical research on tax reduction and fee reduction and enterprise risk bearing,and provides empirical evidence for exerting the effect of tax reduction and fee reduction policy,inhibiting the reduction and arbitrage of major shareholders and improving the level of risk bearing.

关 键 词：减税降费 大股东减持 企业风险承担 滞后效应 

分 类 号：F812.42[经济管理—财政学] F832.51F272.3