税费政策与企业现金股利:影响机制与配置效率  

Tax Policies and Corporate Cash Dividends:The Impact Mechanism and Capital Allocation Efficiency

作　　者：胡国柳 曾慧宇 HU Guoliu;ZENG Huiyu(Zhejiang Gongshang University,310018)

机构地区：[1]浙江工商大学会计学院,310018

出　　处：《财贸经济》2023年第7期57-74,共18页Finance & Trade Economics

基　　金：国家社会科学基金重点项目“减税降费对企业高质量发展的影响及传导机制研究”(20AJY002);财政部“会计名家培养工程”(2019)。

摘　　要：深度推进减税降费改革,为微观企业发展和创新注入动能,是我国促进经济转型升级的重要举措。本文将各项税费政策视为一个有机整体,探究企业税费减免程度对其股利政策和资金配置效率的影响,以期为理解税费政策促进经济高质量发展的内在逻辑提供微观证据。研究发现,整体税费减免程度更高的企业,会显著降低其现金股利的派发水平。究其原因发现,高税费减免程度具有信号传递效应与缓解代理成本的效应,这与现金股利的积极效应有一定的替代性;同时,税费减免政策有助于提升企业资本利得,这对现金股利亦具有部分替代效应,因而税费减免程度高的企业倾向于降低现金股利派发。进一步探究企业税费减免节约的增量资金使用方向,发现税费减免程度高的企业倾向于增大经营性投资与创新性投资,而非金融资产投资,且企业的这种内部资金配置有助于提升其短期和长期的财务业绩,体现了更高的资金配置效率。本文在理论上丰富了宏观税费政策对微观企业股利决策影响的相关文献,在实践上则对政府部门优化税费政策和微观企业提升内部资金配置效率具有启示意义。Deepening the reform of tax and fee reduction and injecting momentum into the development and innovation of individual enterprises is an important measure for China to promote economic transformation and upgrading.This paper regards various tax and fee policies as an organic whole and explores the impact of tax and fee reduction on the dividend policy and fund allocation efficiency of enterprises,in order to provide micro-level evidence for understanding the inherent logic of how tax and fee policies promote high-quality economic development.Inspired by Richardson(2006)econometric ideas on inefficient investment and Dechow et al.(1995)measurement of corresponding earnings management,we constructed an index to measure the degree of comprehensive tax and fee reduction.Empirical research found that the more tax cuts a company enjoys,the significantly lower its cash dividend distribution level.The reason for this is that the high degree of tax and fee reduction has a signaling effect and can mitigate the agency costs,which substitutes,to certain extent,the positive effect of cash dividends.At the same time,the tax reduction policy helps to increase the capital gain of enterprises,which also partially substitutes cash dividends.Therefore,enterprises entitled to big tax cuts tend to reduce cash dividends.Further exploring the direction of incremental capital usage saved by corporate tax and fee exemptions,we found that companies with high levels of tax and fee exemptions tend to increase investments in operations and innovation rather than in financial assets.This internal fund allocation helps improve companies'short-term and long-term financial performance,reflecting higher efficiency in fund allocation.The marginal contribution of this paper is as follows.(1)This paper constructs a comprehensive indicator to measure the degree of tax and fee reduction,which is of great significance for studying the overall tax and fee policy.(2)This paper integrates the study of cash dividends into a system,namely a model of balanci

关 键 词：税费政策 现金股利 替代效应 资金配置效率 

分 类 号：F275.5[经济管理—企业管理]