企业税负、虚拟经济发展与工业企业金融化*——来自A股上市公司的证据

经济理论与经济管理

企业税负、虚拟经济发展与工业企业金融化*——来自A股上市公司的证据

庞凤喜,刘畅

中南财经政法大学财政税务学院

出版日期:2019-03-16 发布日期:2019-03-20
基金资助:
本文得到国家社会科学基金重点项目（18AJY024）的资助。

TAX BURDEN, FICTITIOUS ECONOMY DEVELOPMENT AND INDUSTRIAL ENTERPRISES FINANCIALIZATION ——Evidence from Chinese Ashare Listed Companies

PANG Fengxi,LIU Chang

School of Public Finance and Taxation, Zhongnan University of Economics and Law

Online:2019-03-16 Published:2019-03-20

摘要/Abstract

摘要： 税收负担是否成为倒逼实体经济企业向金融投资领域进军的重要动因？虚拟经济发展在企业税负与企业金融化之间的关联效应如何？本文使用2010—2016年A股工业企业财务数据进行实证研究，结果表明：（1）微观税负能显著提高工业企业金融资产配置水平；（2）相较于国有企业，非国有企业税收负担的金融化效应更为明显；（3）虚拟经济发展将放大税负水平对企业金融化的正向作用。

关键词: 企业税负 , 企业金融化 , 虚拟经济发展

Abstract: Would tax burden become an important driving force for the real economy enterprises to invest in the financial investment? How does the fictitious economy play a coordinating role between enterprises tax burden and financialization? Using the industrial enterprises financial data of Ashare market from 2010 to 2016, the results show as follows: First, tax burden can significantly improve the industrial enterprises allocation of financial assets. Second, compared with stateowned enterprises, the financial effect of tax burden on nonstateowned enterprises is more obvious. Third, the development of fictitious economy has significantly enlarged the positive impact of tax burden on financialization.

Key words: enterprise tax burden , financialization , fictitious economy development

庞凤喜,刘畅. 企业税负、虚拟经济发展与工业企业金融化*——来自A股上市公司的证据[J]. 经济理论与经济管理.

PANG Fengxi,LIU Chang. TAX BURDEN, FICTITIOUS ECONOMY DEVELOPMENT AND INDUSTRIAL ENTERPRISES FINANCIALIZATION ——Evidence from Chinese Ashare Listed Companies[J]. Economic Theory and Business Management.

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