税收征管独立性与企业杠杆操纵——基于国地税合并的准自然实验  

Tax Collection Independence and the Leverage Manipulation of Enterprises:Quasi-Natural Experiment Based on Merger of STB and LTBs in China

作　　者：孙泽宇 王改便 孙凡[2] SUN Zeyu;WANG Gaibian;SUN Fan(Bay Area International Business School,Beijing Normal University,Zhuhai 519087,China;School of Accounting,Shanxi University of Finance and Economics,Taiyuan 030031,China)

机构地区：[1]北京师范大学湾区国际商学院,广东珠海519087 [2]山西财经大学会计学院,山西太原030031

出　　处：《审计与经济研究》2025年第2期85-95,共11页Journal of Audit & Economics

基　　金：国家自然科学基金面上项目(72172116)。

摘　　要：以降低账面杠杆率为表现的杠杆操纵不仅加剧了企业财务风险,还助长了系统性金融风险。以2018年国地税合并作为准自然实验,构造双重差分模型系统考察这一重要税制改革对企业杠杆操纵的影响及作用机制。研究发现,国地税合并显著抑制了企业杠杆操纵,同时抑制了表外负债和名股实债这两种主要的杠杆操纵方式,降低债务融资成本与增加商业信用获取是两个可能的影响机制。异质性分析结果表明,国地税合并对企业杠杆操纵的抑制作用在银企关联程度低、规模小、税收征管强度高的样本企业中更为显著。研究结论为遏制企业杠杆操纵提供了基于税制改革层面的新治理思路,也对全面评估税制改革经济后果并有效深化税制改革具有有益的启发。Leveraged manipulation,which is manifested by reducing the book leverage ratio,not only exacerbates corporate financial risks,but also contributes to systemic financial risks.Taking the 2018 national and local tax merger as a quasi-natural experiment,this paper systematically investigates the impact and mechanism of this important tax reform on corporate leverage manipulation by constructing a difference-in-difference model.The results show that the merger of national and local taxes significantly inhibits the leverage manipulation of enterprises,and at the same time inhibits the two main leverage manipulation methods of off-balance sheet liabilities and real debts,and reducing debt financing costs and increasing commercial credit access are two of the possible influencing mechanisms.The results of heterogeneity analysis show that the inhibition effect of national and local tax merger on corporate leverage manipulation is more significant in the samples with low bank-enterprise linkage,small-scale enterprises,and high tax collection and management intensity.The conclusion of this study provides a new governance idea based on tax reform to curb corporate leverage manipulation,and also provides useful inspiration for comprehensively evaluating the economic consequences of tax reform and effectively deepening tax reform.

关 键 词：税收征管独立性 企业杠杆操纵 国地税合并 债务融资成本 商业信用 

分 类 号：F812.2[经济管理—财政学]