税负加重是否会影响企业金融资产配置？

刘亮1; 2; 潘晨昱3; 刘宗沅4

税负加重是否会影响企业金融资产配置？

引用本文：刘亮1，2，潘晨昱3 ，刘宗沅4.税负加重是否会影响企业金融资产配置？[J].财经理论与实践,2024,(4):17-24

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作者	单位
刘亮1，2，潘晨昱3 ，刘宗沅4	（1.湖南财政经济学院经济地理学院，湖南长沙 410205；2.湘潭大学商学院，湖南湘潭 411105；3.华东政法大学商学院，上海 201620；4.上海海关学院海关与公共管理学院，上海 201204）

中文摘要:基于2006—2021年沪深A股上市公司的面板数据，分析了税负加重对企业金融资产配置的影响。研究发现：税负加重会促进企业金融资产配置行为，这一促进效应对高技术企业和战略激进型企业更为显著；因税负加重而引发的企业金融资产配置行为提高了企业金融错配程度和股价崩盘风险。鉴于此，政府应持续释放减税降费红利，助力企业融资纾困，约束企业过度金融化行为，以推动企业可持续、高质量发展。

中文关键词:企业税负金融资产配置企业风险金融错配

Does the Increased Tax Burden Affect Corporate Financial Asset Allocation?

Abstract: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 allocation behavior of enterprises, and this promotional effect is more significant for high-tech enterprises and strategically aggressive enterprises; The financial asset allocation behavior of enterprises 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 reduction dividends, help enterprises to rescue financing, and restrain excessive financialization of enterprises, so as to promote sustainable and high-quality development of enterprises.

keywords:corporate tax burden financial asset allocation enterprise risk financial mismatch

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