财税优惠政策对中小企业融资效率的影响研究——基于企业生命周期理论视角  

Financial Support Policies and Their Impact on the Financing Efficiency of SMEs: An Empirical Study Based on the Perspective of Enterprise Life Cycle

作　　者：冯倩 翟晓杰 李滕 Feng Qian;Zhai Xiaojie;Li Teng(Jinan branch of the People's Bank of China;People's Bank of China,Dezhou Central Branch)

机构地区：[1]中国人民银行济南分行 [2]中国人民银行德州市中心支行

出　　处：《金融经济》2023年第7期37-47,共11页Finance Economy

摘　　要：“融资难、融资贵”是中小企业发展面临的长期问题,近年来财政补助及税收优惠政策的实施有效降低了中小企业的融资成本和融资门槛,提高了融资效率。本文基于2017—2021年深交所主板、创业板以及北交所新三板中上市公司的公开数据,引入企业生命周期,利用系统GMM回归模型对比分析财政补助及税收优惠政策对中小企业融资效率的影响及在企业所处不同阶段的作用效果。研究发现,两类政策均能促进企业融资效率提升,且整体来看财政补助的作用效果强于税收优惠;财政补助对成熟期企业的融资效率促进作用最强,税收优惠对衰退期企业融资效率的促进作用最弱。最后,本文提出丰富税收优惠政策内容、完善融资配套体系、提高财政政策的支持力度等对策建议。"Difficulty in financing and high financing costs"is a long-standing issue faced by small and medium-sized enterprises(SMEs)in China.Recently implemented tax support and financial assistance policies have effectively reduced the financing costs and threshold for SMEs,improving their financing efficiency.This study uses data from listed companies on the Shenzhen Stock Exchange,Shanghai Stock Exchange,and Beijing Stock Exchange from 2017 to 2021,and introduces the concept of enterprise life cycle to compare the impact of tax support and financial assistance policies on the financing efficiency of SMEs at different stages of development.The results show that both types of policies can promote the financing efficiency of SMEs,with the overall effectiveness of fiscal support stronger than tax incentives.Fiscal support has the strongest promotional effect on the financing efficiency of mature period enterprises,while tax incentives have the weakest effect on the financing efficiency of declining period enterprises.Finally,this study puts forward recommendations such as enriching tax incentive policy contents,perfecting financing complementary systems,and increasing government support to improve the financing efficiency of SMEs.

关 键 词：融资效率 财税政策 生命周期理论 系统GMM 

分 类 号：F812.2[经济管理—财政学]