税收优惠和政府补助对实体企业金融化的影响研究——基于中国A股制造业上市公司的实证分析
Research on the Impact of Tax Incentives and Government Subsidies on the Financialization of Real Enterprises——Empirical Analysis Based on China's A-share Manufacturing Listed Companies
王曙光 1李贺2
作者信息
- 1. 哈尔滨商业大学财政与公共管理学院
- 2. 哈尔滨商业大学财政与公共管理学院;大连财经学院
- 折叠
摘要
党的二十大报告提出了"坚持把发展经济的着力点放在实体经济上"的政策要求,实体经济是立国之本和经济命脉所在,而制造业是实体经济的基础,是新发展格局下增强经济发展内生动力的核心力量.税收优惠和政府补助是财税政策的重要手段,对加快经济高质量发展,引导实体企业"脱虚向实",夯实现代化经济体系建设根基具有重要意义.本文以企业金融化为因变量、以实体资产投资为中介变量,选取中国A股民营制造业上市公司2007-2021年数据作为样本,分析了税收优惠和政府补助对实体企业金融化的影响.结果显示,加大税收优惠和政府补助力度显著降低了实体企业金融化.进一步研究发现,财税支持政策通过增加实体企业实体资产投资进而降低实体企业金融化.据此,从脱虚向实、金融企业和财税激励视角提出适度激励政策,旨在为发挥政府治理效能、鼓励实体企业提升创新能力、大力发展数字经济、推进现代化产业体系建设提供有益参考.
Abstract
The report of the 20th National Congress of the Communist Party of China put forward the policy requirement of adhering to the focus of economic development on the real economy.The real economy is the founda-tion of the country and the economic lifeline,while the manufacturing indus-try is the foundation of the real economy and the core force to enhance the endogenous power of economic development under the new development pat-tern.Tax incentives and government subsidies are important means of fiscal and taxation policies,which are of great significance for accelerating the high-quality development of the economy,guiding real enterprises to move away from virtuality to reality,and consolidating the foundation of the construc-tion of a modern economic system.This paper takes corporate financializa-tion as the dependent variable and real asset investment as the mediating variable,and selects the data of China's A-share private manufacturing listed companies from 2007 to 2021 as a sample to analyze the impact of tax incen-tives and government subsidies on the financialization of real enterpri-ses.The results show that increasing tax incentives and increasing govern-ment subsidies have significantly reduced the financialization of real enterpri-ses.Further research has found that fiscal and taxation support policies re-duce the financialization of real enterprises by increasing the investment in real assets of real enterprises.Based on this,from the perspective of de-virtu-alization,financial enterprises and fiscal and tax incentives,a moderate incen-tive policy is proposed to provide a useful reference for giving full play to the effectiveness of government governance,encouraging entity enterprises to enhance their innovation capabilities,vigorously developing the digital econo-my,and promoting the construction of a modern industrial system.
关键词
税收优惠/政府补助/企业金融化/脱虚向实/实体经济Key words
Tax Incentives/Government Subsidies/Enterprise Finan-cialization/From Virtual to Real/Real Economy引用本文复制引用
基金项目
国家社会科学基金项目(22BSH019)
哈尔滨商业大学博士研究生科研创新项目(YJSCX2022-729HSD)
出版年
2024
NETL
NSTL
万方数据