江西财经大学学报 ›› 2021, Vol. 0 ›› Issue (1): 29-42.

• 经济管理 • 上一篇    下一篇

政府减税有助于提升企业风险承担吗——来自中国上市公司的经验证据

周晨1,2, 赵秀云2   

  1. 1.山东政法学院 商学院,山东 济南 250014;
    2.天津财经大学 会计学院,天津 300222
  • 收稿日期:2020-01-07 修回日期:2020-03-25 出版日期:2021-01-25 发布日期:2021-01-19
  • 通讯作者: 周 晨,山东政法学院讲师,天津财经大学研究助理,管理学博士,主要从事公司财务与公司治理研究,联系方式zhouchenouc@163.com。
  • 作者简介:赵秀云,天津财经大学教授,博士生导师,管理学博士,主要从事资本市场与公司财务研究。
  • 基金资助:
    教育部人文社会科学青年基金项目“基于规制融合的服务贸易开放对制造业出口质量提升的影响研究”(20YJC790028)

Will Government Tax Reduction help Increase Corporate Risk-Taking? Empirical Evidences from China's Listed Companies

ZHOU Chen1,2, ZHAO Xiu-yun2   

  1. 1. Shandong University of Political Science and Law, Jinan 250014;
    2. Tianjin University of Finance and Economics, Tianjin 300222, China
  • Received:2020-01-07 Revised:2020-03-25 Online:2021-01-25 Published:2021-01-19

摘要: 财税支持政策与创新驱动经济发展一直是各界关注和讨论的热点,但考察此类政策对微观经济主体风险性项目投资影响的文献甚少。以2007—2018年沪深A股上市公司为研究样本,考察政府减税政策对企业风险承担的影响。研究结果表明,政府减税有助于提升企业风险承担水平;影响机理的检验证实,政府减税通过缓解融资约束提升了企业风险承担,具体表现为融资约束在政府减税与企业风险承担之间的关系中发挥了部分中介效应。进一步发现,产业政策支持、产权性质、研发强度和地方政府创新激励动机在政府减税与企业风险承担之间的关系中发挥调节作用。

关键词: 政府减税, 风险承担, 产业政策, 研发强度, 地方政府激励动机

Abstract: Fiscal and taxation support policies and innovation-driven economic development have always been hotspots of concern and discussion from all walks of life, but there are few literatures observing the impact of such policies on the investment in risky projects from microeconomic entities. Taking the 2007-2018 Shanghai and Shenzhen A-share listed companies as research samples, this paper examines the impact of government tax reduction policies on corporate risk-taking. The research results show that government tax cuts can help increase the level of corporate risk-taking. The test of the influencing mechanism confirms that government tax cuts increase corporate risk-taking by alleviating financing constraints, and the specific manifestation is that financing constraints are playing a partial mediating role between government tax cuts and corporate risk-taking. It is further discovered that industrial policy support, the nature of property rights, the intensity of R&D and the motive of local government innovation incentives are playing a moderating role in the relationship between government tax cuts and corporate risk-taking.

Key words: government tax cuts, risk-taking, industrial policy, R&D intensity, motive of local government incentives

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