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市场化程度与企业债务税盾效应——来自中国上市公司的经验证据

ISSN号：1002-8102
期刊名称：《财贸经济》
时间：0
分类：F810.42[经济管理—财政学]
作者机构：[1]中央财经大学税务学院,100081, [2]中央财经大学税务学院税收计量研究中心,100081
相关基金：本文获中国博士后科学基金第54批面上项目（编号2013M540075）、北京市自然科学基金项目（111A4/09）、中央财经大学研究生科研创新基金项目（201305）的资助.

关键词：债务税盾, 市场化指数行业效应, Tax Shield, Marketization Index, Industry Effect

中文摘要：

本文采用200220u年中国上市公司的样本数据，实证研究市场化进程对样本企业债务税盾的跨期效应及特征。研究发现：第一，在不考虑市场化因素影响的情况下，中国上市公司的债务税盾效应显著存在；第二，企业所在地市场化程度越高，债务税盾效果越显著；第三，市场化进程有助于抑制由于“预算软约束”带来的企业债务风险；第四，中国上市公司债务税盾存在行业效应，表现为除房地产、原材料等行业外，对绝大多数行业效果明显。由此本文建议：政府应进一步推进市场化改革，以有利于企业降低财务风险，发挥债务税盾效用；运用行业优惠为主的企业所得税优惠政策，促进特定行业发展。

英文摘要：

Using the data sample of listed companies of China from 2002 to 2011, this paper analyzes the inter-temporal effects of market-orient process on tax shield of enterprise debt with multi-regression approach. The research shows that： first, without considering the effects of marketization, there is a significant effect of debt tax shield on listing companies of China; second, the higher the marketization level of the enterprise location is, the more significant the effect of debt tax shield is; third, the market orient process helps to reduce the enterprise financial risk from soft budget constraint; fourth, the effects of debt tax shield on listing companies of China are different for industries, with insignificant effects for real estate industries and significant effects for the remaining industries. Therefore, this paper suggests that the government should further promote the reformation of marketization and carry out preferential tax policy with industry differences, in order to advance the debt tax shield effects, reduce the financial risk and develop the specific industries for enterprises.