Does the Increased Tax Burden Affect Corporate Financial Asset Allocation?
Based on the panel data of Shanghai and Shenzhen A-share listed companies from 2006 to 2021,this paper analyzes the impact of increasing tax burden on corporate financial asset allocation.The results show that the increase of tax burden will promote the financial asset allo-cation behavior of enterprises,and this promotional effect is more significant for high-tech enter-prises and strategically aggressive enterprises;The financial asset allocation behavior of enterpri-ses caused by the increasing tax burden increases the degree of financial mismatch and the risk of stock price collapse.In view of this,the government should continue to release tax and fee reduc-tion dividends,help enterprises to rescue financing,and restrain excessive financialization of en-terprises,so as to promote sustainable and high-quality development of enterprises.
万方数据
维普
