税收政策不确定性与企业债务融资决策

当代财经 ›› 2020, Vol. 0 ›› Issue (5): 135-147.

税收政策不确定性与企业债务融资决策

靳毓^1,2, 文雯³

1.中国人民大学书报资料中心,北京 100086;
2.中南财经政法大学财政税务学院,武汉 430073;
3.北京外国语大学国际商学院,北京 100089

收稿日期:2020-02-15 修回日期:2020-04-08 出版日期:2020-05-15 发布日期:2020-12-11
通讯作者: 文雯,北京外国语大学讲师,博士,主要从事公司治理与公司财务研究,联系方式wenwen_bfsu@bfsu.edu.cn。
作者简介:靳毓,中国人民大学书报资料中心经济编辑部副编审,中南财经政法大学博士研究生,主要从事税收政策与公司财务研究,联系方式 kinki_jin@163.com
基金资助:
北京市社会科学基金项目“股权质押视角下北京市系统性金融风险的防范与化解机制研究”（19YJC040）;北京外国语大学一流学科建设项目“高管海外背景对企业对外直接投资的影响及作用机理研究”（YY19ZZB006）

Tax Policy Uncertainty and Corporate Debt Financing Decision-Making

JIN Yu^1,2, WEN Wen³

1. Renmin University of China, Beijing 100086;
2. Zhongnan University of Economics and Law, Wuhan 430073;
3. Beijing Foreign Studies University, Beijing 100089, China

Received:2020-02-15 Revised:2020-04-08 Online:2020-05-15 Published:2020-12-11

摘要/Abstract

摘要： 采用2007—2017年中国A股上市公司的数据,实证检验了税收政策不确定性对企业债务融资规模的影响。研究表明：税收政策不确定性显著降低了企业债务融资规模,并且该影响在融资约束程度较高、外部需求较小的企业中更为显著。进一步研究表明：税收政策不确定性增加了企业债务融资成本;税收政策不确定性降低了企业短期信贷融资规模,对长期信贷融资规模无显著影响。机制检验发现：税收政策不确定性对债务融资规模的影响是通过企业现金流波动引起的。

关键词: 税收政策不确定性, 债务融资, 融资约束, 融资成本

Abstract: By employing the data of Chinese A-share listed companies from 2007 to 2017, this paper empirically tests the impact of tax policy uncertainty on the scale of corporate debt financing. The findings show that the uncertainty of taxation policies has significantly reduced the scale of corporate debt financing, and this impact is more significant in the enterprises with higher degrees of financing constraints and less external demands. The results of further research shows that the uncertainty of tax policy would increase the costs of corporate debt financing and reduce the scale of short-term corporate credit financing, while no significant impact on the scale of long-term credit financing. The findings of the mechanism test indicate that the impact of tax policy uncertainty on the scale of debt financing is caused by the fluctuations in corporate cash flow.

Key words: tax policy uncertainty, debt financing, financing constraints, financing costs

中图分类号:

F275.1

靳毓, 文雯. 税收政策不确定性与企业债务融资决策[J]. 当代财经, 2020, 0(5): 135-147.

JIN Yu, WEN Wen. Tax Policy Uncertainty and Corporate Debt Financing Decision-Making[J]. Contemporary Finance & Economics, 2020, 0(5): 135-147.

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