税收激励政策的杠杆效应  

The Leverage Effect of Tax Incentives Policies

作　　者：谭光荣[1] 肖人瑞 TAN Guang-rong;XIAO Ren-rui(School of Economics & Trade, Hunan University, Changsha, Hunan 410079, China)

机构地区：[1]湖南大学经济与贸易学院,湖南长沙410079

出　　处：《湘潭大学学报（哲学社会科学版）》2022年第2期46-51,145,共7页Journal of Xiangtan University:Philosophy And Social Sciences

基　　金：国家社科基金后期资助项目“增值税视角下促进生产性服务业向价值链高端延伸的激励效应及路径优化研究”(20FJYB051);湖南省社科基金重点项目“税收助推湖南制造转化湖南智造的路径与策略”(18ZWB23)。

摘　　要：基于2014年固定资产加速折旧政策的准自然实验,探讨了税收激励政策对企业杠杆率的影响及其内在机制。研究发现,加速折旧政策提高了企业的资产负债率,且这一效果在大型企业、盈利企业和民营企业中更为明显。机制分析表明,加速折旧政策通过激励企业固定资产投资增加了企业的债务融资需求,从而导致企业杠杆率水平的上升。进一步的分析表明,企业资产负债率的增加主要表现为流动负债率的增加,长期负债率无明显变化,并且加速折旧政策会促进企业“短债长用”现象的产生。结论为全面理解税收激励政策的实施成效以及防范化解金融风险提供了借鉴参考。Based on the quasi-natural experiment of the accelerated depreciation policy of fixed assets in 2014,this article explores the impact of tax incentive policies on corporate leverage and its internal mechanism.It is found that the accelerated depreciation policy increases the asset-liability ratio of enterprises.And this effect is more obvious in private enterprises,large enterprises and profit-making enterprises.The mechanism analysis shows the accelerated depreciation policy increases the debt financing demand of enterprises by stimulating the investment in fixed assets,which leads to the increase of the leverage ratio of enterprises.Further analysis shows that the increase of enterprise asset-liability ratio is mainly reflected in the increase of current debt ratio,while long-term debt ratio has no obvious change,and the accelerated depreciation policy will promote the emergence of the phenomenon of“short-term debt for long-term use”of enterprises.The conclusion of this paper provides a reference for understanding the implementation effect of tax incentives policies and for preventing and resolving debt risks of corporates.

关 键 词：税收激励政策 加速折旧 企业杠杆率 稳杠杆 

分 类 号：F810.42[经济管理—财政学]