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

Abstract

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

CLC Number:

F272.3

ZHOU Chen, ZHAO Xiu-yun. Will Government Tax Reduction help Increase Corporate Risk-Taking? Empirical Evidences from China's Listed Companies[J]. Journal of Jiangxi University of Finance and Economics, 2021, 0(1): 29-42.

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