中国私营企业融资行为选择——基于非税负担的视角  

Financing Behaviour Choices of Private Enterprises in China:From the Perspective of Non-tax Burden

作　　者：毛德凤 彭飞[2] MAO Defeng;PENG Fei(School of Business, Anhui University, Hefei 230601, China;School of Economics, Hefei University of Technology, Hefei 230601, China)

机构地区：[1]安徽大学商学院,安徽合肥230601 [2]合肥工业大学经济学院,安徽合肥230601

出　　处：《东北大学学报（社会科学版）》2022年第1期34-43,共10页Journal of Northeastern University(Social Science)

基　　金：安徽省哲学社会科学规划青年资助项目(AHSKQ2020D05)。

摘　　要：基于2012—2016年中国私营企业调查数据,利用OLS模型和工具变量法实证分析了私营企业非税负担对融资行为的影响。研究发现:非税负担显著挤占了企业自由现金流,降低了内源性融资比率,加重了外部融资风险。在非税负担具体科目中,均证实了这一结论。异质性分析发现,这一效应在中小型企业、初创型企业、制造业和生产性服务业中更加显著,在大型、成熟型企业和非生产性服务业中没有明显影响。进一步发现,非税负担扩大了企业非正式融资需求,但没有影响正式融资需求。因此,政府应加大推动非税收入征管独立性改革和优化融资体制改革,进而为私营企业发展营造良好的融资环境。Based on the survey data of private enterprises in China from 2012 to 2016,this paper adopts OLS model and instrumental variable method to analyze the impact of non-tax burden of private enterprises on financing behaviour.The results show that non-tax burden has significantly squeezed out the cash flow of enterprises,reduced the internal financing ratio,and increased the risk of external financing.This conclusion has been confirmed in specific items of non-tax burden.Heterogeneity analysis shows that this effect is more significant in small and medium-sized enterprises,start-up enterprises,and manufacturing and producer services,but has no obvious impact in large,mature enterprises and non-producer services.Further research has found that non-tax burden mainly increases the informal financing of enterprises,but has not affected the formal financing needs.Therefore,the government should step up efforts to promote the reform of non-tax revenue collection and management independence and optimize the reform of financing system to create a good financing environment for the development of private enterprises.

关 键 词：非税负担 融资行为 外源性融资 私营企业 

分 类 号：F272[经济管理—企业管理]