| 地方举债融资显性化能否破除企业税负“隐性枷锁”——来自税负粘性的证据 |
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| 引用本文：洪源,万里，李大杰.地方举债融资显性化能否破除企业税负“隐性枷锁”——来自税负粘性的证据[J].财经理论与实践,2026,(2):61-70 |
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| 中文摘要:以新《中华人民共和国预算法》实施后的地方举债融资显性化政策为准自然实验，基于“开前门”和“关后门”双举措视角，研究地方举债融资显性化对企业税负粘性的影响效应及机制。结果显示：地方举债融资显性化能显著降低企业税负粘性，其“开前门”规模维度冲击和“关后门”结构维度冲击分别发挥“税惠支持效应”和“税盾强化效应”，从而降低企业税负粘性。与此同时，地方财政资金压力、企业信息透明度的差异使得地方举债融资显性化对企业税负粘性的影响效应呈现出异质性。鉴于此，应持续推进地方举债融资显性化进程，结合财税工具协同实现效益最大化，稳步强化政企之间信息透明化建设。 |
| 中文关键词:地方举债融资显性化 企业税负粘性 税惠支持效应 税盾强化效应 高质量发展 |
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| Can the Local Government Debt Financing Explicitly Break the “Hidden Shackles” of Corporate Tax Burden?—Evidence from Tax Stickiness |
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| Abstract:Using the policy of local government debt financing explicitly after the implementation of the new Budget Law of the People’s Republic of China as a natural experiment, based on the perspectives of both “opening the front door” and “closing the back door” measures, this study tests the impact of local government debt financing explicitly on corporate tax stickiness and its mechanisms. The results indicate that, local government debt financing explicitly can significantly reduce the corporate tax stickiness, and the impact of “opening the front door” scale dimension and “closing the back door” structural dimension exert “tax benefit supporting effect” and “tax shield strengthening effect” respectively, to reduce the corporate tax stickiness. At the same time, the differences of local financial pressure, corporate information transparency make different impacts of local government debt financing explicitly on corporate tax stickiness. In light of these findings, it is recommended to continue to promote the process of local government debt financing explicitly, utilize fiscal tax tools to maximize benefits，and steadily strengthen the information transperancy between enterprises and the government. |
| keywords:local government debt financing explicitly corporate tax stickiness tax benefit supporting effect tax shield strengthening effect high-quality development |
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