税费返还、外源性融资与企业市值——基于2013—2018年上市公司财务数据的分析  

Research on Tax and Fee Return,External Financing and Enterprises’ Market Value——Based on Analysis on Listed Companies’ Financial Data from 2013 to 2018

作　　者：杨宇婷 贾建宇 YANG Yu-ting;JIA Jian-yu(Research Institute of China National Audit Office,Beijing 100086,China;School of Economics,Beijing Technology and Business University,Beijing 100048,China)

机构地区：[1]审计署审计科研所,北京市100086 [2]北京工商大学经济学院,北京市100048

出　　处：《中国流通经济》2020年第8期101-109,共9页China Business and Market

摘　　要：减税降费是一种特殊的外源性融资,在减轻企业负担特别是民营和小微企业负担方面发挥着重要作用。而税费返还作为实现减税降费的一项具体措施,研究其对企业市值的影响机制与异质性具有重要意义。利用2013—2018年上市公司财务数据进行面板分位数回归发现,对融资约束类企业而言,税费返还会随着企业市值分布的变化产生不同的作用效果,即税费返还资金对市值较低的企业和市值较高的企业均无作用,但对市值中等偏上的企业具有正向影响,且在这部分企业中,企业市值越高,税费返还资金的边际效应越大。此外,对融资约束类的制造业企业进行单独回归发现,受益于税费返还的制造业企业市值区间范围更窄。因此,为从整体上进一步提高减税降费对上市企业的作用,在政策制定与实施过程中,一要注意企业异质性,重点关注行业中市值中等偏上的企业,避免无用效应的产生;二要营造良好的企业税务营商环境,明确最优税费水平,通过制定实施差异化、阶梯式减税降费政策,在最大程度消解企业异质性影响的同时,保障税收的公平性。Tax and fee reduction is a special kind of external financing,which plays an import role in relieving enterprises’ burden,especially the private and small and micro enterprises. Tax and fee return is a specific measure for us to realize tax and fee reduction. So,research on it is of great significance. The authors use the financial data of listed companies from 2013 to 2018 to do panel quantile regression. It is found that,for enterprises with financing constraint,tax and fee return will have different effect for enterprises with different market value:there is no effect on enterprises with lower or higher market value;but there is positive effect on enterprises with medium high market value;and among these enterprises,the marginal effect of tax and fee return will increase with the increase of enterprises’ market value. In addition,regression analysis on this kind of manufacturing enterprises shows that market value range of manufacturing enterprises that are benefit from tax and fee return is narrower. So,to further perfect the role of tax and fee reduction,in formulating and implementing policies,we should,first,pay more attention to the medium-sized enterprises and avoid the existence of no effect;and second,we should create the sound business environment,clarify the optimized level of tax and fee,and guarantee the fairness of tax by formulating the different and stepby-step tax and fee reduction policy.

关 键 词：企业价值 企业税负 企业异质性 避税 减税 

分 类 号：F812[经济管理—财政学]