减税政策的固定资产投资效果分析——基于制造业上市公司的经验证据  

An Effect Analysis of Tax Reduction Policy on Fixed Asset Investment Based on Empirical Evidences of Manufacturing-listed Companies

作　　者：吕久琴[1] 曹晟琪 LV Jiu-qin;CAO Sheng-qi(School of Accounting,Hangzhou Dianzi University,Hangzhou Zhejiang 310018,China)

机构地区：[1]杭州电子科技大学会计学院,浙江杭州310018

出　　处：《杭州电子科技大学学报（社会科学版）》2020年第6期1-7,共7页Journal of Hangzhou Dianzi University：Social Sciences

基　　金：国家社会科学基金项目(19BJY231)。

摘　　要：基于2008-2018年制造业上市公司的样本,研究税负对固定资产投资的直接作用以及通过调节变量和中介变量促进投资的效果。研究发现,在减税背景下,制造业上市公司税负的降低,提升了固定资产的投资。税收征管强度和地区市场化水平作为调节变量,影响了税负促进投资的效果,较低的征管强度和较高的市场化水平都会通过传导机制显著提升税负促进投资的效果。融资约束作为中介变量,揭示了税负影响固定资产投资的机制,税负通过缓解融资约束进而增进了固定资产投资。该结论为政府改进减税政策提供了经验证据,为制造业上市公司提高固定资产投资提供了路径支持。Based on the samples of manufacturing-listed companies from 2008 to 2018,the paper studies the direct effect of tax burden reduced on the fixed asset investment and the effect of promoting the invesment with regulated varibles and mediating variables.The results show that with the tax reduction policy,the tax burden reduced of listed manufacturing companies increases the fixed asset investment accordingly.As moderating variables,the strength of the tax collection and management and the level of regional marketization have affected significantly the investment promoted by the tax burden reduced.Both the lower strength of tax collection and management and the higher level of the regional marketization can promote the effect of the investment with the tax burden reduced significantly.As a mediating variable,the financing constraints explain the mechanism for tax burden reduced to affect fixed asset investment.Tax burden reduced would promote investment through relieving financing constraints.The result of the study could provide some empirical evidences for the government to improve its tax reduction policy,and it can help the listed manufacturing companies to increase their fixed assets investment.

关 键 词：减税政策 税负 固定资产投资 调节作用 中介作用 

分 类 号：F832.51[经济管理—金融学] F273.1