经济政策不确定性与税负粘性:基于税盾视角的解释  

Economic Policy Uncertainty and Tax Stickiness:A Study from the Perspective of Tax Shield

作　　者：魏志华[1] 卢沛 WEI Zhihua;LU Pei(Xiamen University,361005)

机构地区：[1]厦门大学经济学院,361005

出　　处：《财贸经济》2022年第4期5-20,共16页Finance & Trade Economics

基　　金：国家自然科学基金项目“中国上市公司避税天堂投资:动机、经济后果与治理机制”(71972163);国家自然科学基金项目“中国上市公司关联交易研究:动机、经济后果与治理机制”(71572165);国家自然科学基金项目“控股股东股权质押动机、经济后果与治理机制研究”(71672157);。

摘　　要：税负粘性是影响企业税负痛感的重要因素之一,但鲜有文献从外部宏观环境角度揭示税负粘性的成因。本文利用企业层面的税负粘性指标,首次基于税盾视角实证检验了经济政策不确定性这一重要外部宏观环境对企业税负粘性的影响效果及其作用机制。研究发现:经济政策不确定性显著增加了企业税负粘性,且该结论在尽可能控制内生性问题以及进行一系列稳健性检验后依然成立。其作用机制在于,经济政策不确定性通过削弱企业的非债务税盾效应,进而增加了企业税负粘性。同时,受经济政策不确定性冲击更大(风险承担能力更低、生命周期处于非成熟期)的企业,其税负粘性增加更显著。进一步分析发现,经济政策不确定性对企业税负粘性的不利影响具有持续性;而企业雇用有涉税经验的独立董事有助于缓解经济政策不确定性对企业税负粘性的正向影响。本文基于税负粘性这一新颖视角拓展了经济政策不确定性微观影响后果的研究文献,在实践上则为探索如何在减税降费背景下更有效地缓解企业税负痛感提供了有益参考。Tax stickiness is one of the important factors affecting corporate tax pain,however,there are few papers concerning its causes from the perspective of the external macro environment.Using the index of corporate-level tax stickiness,this article studies the effect of economic policy uncertainty,which is an important part of external macro environment,on corporate tax stickiness and its mechanism from the perspective of tax shield for the first time.This paper shows that the higher the uncertainty of economic policy,the greater the tax stickiness,and the conclusion holds true in endogeneity control and a series of robustness tests.The mechanism is that economic policy uncertainty increases the enterprise tax stickiness by weakening the non-debt tax shield effect rather than the debt tax shield effect.At the same time,the impact of economic policy uncertainty on corporate tax stickiness is more significant in enterprises with lower risk-withstanding capacity which have yet to reach the mature stage.Further research shows that the adverse impact of economic policy uncertainty on corporate tax stickiness is persistent,but the employment of independent directors with tax-related experience can mitigate the impact to a certain extent.From the perspective of the tax stickiness,this paper extends the existing research on negative consequences of economic policy uncertainty,which sheds light on the way for alleviating the corporate tax burden under the background of tax and fee reduction.

关 键 词：经济政策不确定性 税负粘性 非债务税盾 债务税盾 

分 类 号：F275[经济管理—企业管理]