税收激励与企业投资时机的选择--来自中国上市公司的证据  

Tax Incentive and the Timing of Investment Opportunity--Evidence from Chinese Listed Companies

作　　者：熊芮 马光荣[1] RUI XIONG;GUANGRONG MA(School of Finance,Renmin University)

机构地区：[1]中国人民大学财政金融学院

出　　处：《工信财经科技》2022年第3期68-83,共16页Review of Financial & Technological Economics

基　　金：中国人民大学科学研究基金(中央高校基本科研业务费专项资金资助)项目成果。

摘　　要：资本投资是经济增长的重要动力,促进企业投资一直是税收政策的目标之一。税收政策对刺激企业投资的有效性已经被广泛证实,但税收激励如何影响企业投资的时机抉择目前仍有待探究。文章发现,从2003年到2018年,中国A股上市公司第四季度的平均资本性支出比前三季度的平均水平高出40%。文章描述并解释了这种企业临近年末资本性投资支出激增的现象,利用固定效应模型证明了税收激励在其中的影响。研究发现,由于税收不对称性的存在,企业会倾向于在财务状况更加稳定、信息掌握较为全面、营收较高的时间段进行投资,在中国即体现为年末的投资激增。其次,文章还通过融资约束和加速折旧政策等方面来说明是税收最小化的动机驱使企业在第四季度集中进行资本性投资。同时,文章也发现这种短周期内的投资激增在中长期对扩大企业的投资规模有积极作用。Capital investment is an important driving force for economic growth.Promoting business investment has always been one of the goals of tax policies.The effectiveness of tax policies in stimulating business investment has been widely confirmed,but how tax incentives affect the timing of business investment remains to be explored.From 2003 to 2018,the average capital expenditure of China A-share listed companies in the fourth quarter was 40%higher than the average of the previous three accounting quarters.This paper describes and explains the surge of capital investment expenditure near the end of the year and proves the effect of tax incentives by using a fixed-effect model.It is found that due to the existence of tax asymmetry,enterprises tend to invest in the period when their financial situation is more stable,their information is more comprehensive and their revenue is higher,which is reflected in the surge of investment at the end of the year in China.Secondly,through financing constraints and accelerated depreciation policies,the paper explains that it is the motivation of tax minimization that drives enterprises to concentrate capital investment in the fourth quarter.Meanwhile,this phenomenon of investment surge also has a positive effect on increasing the scale of investment in the medium and long term.

关 键 词：税收激励 资本性投资 投资时机 年末投资峰值 

分 类 号：F812.42[经济管理—财政学] F832.51F275