“去杠杆”与“降成本”的政策协同:机制分析与经验证据  

Policy Synergy between"Deleveraging"and"Cost Reduction":Mechanism Analysis and Empirical Evidence

作　　者：郭玉清[1] 张妍 GUO Yuqing;ZHANG Yan(School of Economics, Nankai University, Tianjin 300071, China)

机构地区：[1]南开大学经济学院,天津300071

出　　处：《经济与管理评论》2021年第4期44-57,共14页Review of Economy and Management

基　　金：国家自然科学基金面上项目“新时代下地方政府债务风险的理论审视、量化评估及监管战略体系研究”(71973069);教育部人文社会科学研究规划基金项目“纵向分权视角下地方政府杠杆调整的演进逻辑与战略取向研究”(18YJA790030)。

摘　　要：非金融企业税收负担主要通过两类渠道影响财务杠杆率,即债务税盾的直接渠道和融资优序的间接渠道。整体观察,减税政策通过两类渠道对降低杠杆率发挥了大致持平的贡献。税收负担对企业杠杆率的影响因企业生存特征和产权性质而异:国有企业税收负担主要通过融资优序渠道影响财务杠杆率;无论债务税盾还是融资优序渠道,僵尸企业税收负担对其财务杠杆率均未形成显著影响。本研究为新发展格局下的财政政策提质增效,提供了可资参考的经验证据。The tax burden of non-financial enterprises mainly affects their financial leverage through two channels,namely,the direct channel of debt tax shield and the indirect channel of pecking order.Overall,the tax reduction policy makes a roughly equal contribution to decreasing corporate leverage through the two channels.The effect of tax burden on financial leverage varies with corporate survival characteristics and the ownership nature of ultimate controller:for state-owned enterprises,the tax burden mainly affects the financial leverage through pecking order channel;the tax burden of zombie enterprises has no significant effect on their financial leverage no matter the debt tax shield or the pecking order channel.The research provides empirical evidence that can be used as reference for improving the quality and efficiency of fiscal policies under the new development pattern.

关 键 词：去杠杆 降成本 债务税盾 融资优序 

分 类 号：F812.5[经济管理—财政学]