国地税合并、税收负担与企业应对——基于现金持有视角NTB-LTB Merger Reform, Tax Burden and Corporate Response——Based on the Cash Holding Perspective
叶永卫,陶云清,陈栋
摘要(Abstract)：
评估国地税合并改革的微观经济效应，不仅有助于各项企业税收优惠政策的全面落实，而且对于建立健全现代税收治理体系下的税收管理架构也具有重要意义。本文将国地税合并改革视为一项“准自然实验”,采用双重差分方法考察了其对企业行为决策的影响。实证结果显示，国地税合并改革之后，企业的预防性储蓄动机加强，进而增持更多现金资产，主要原因在于国地税合并改革显著增加了企业的税收负担。进一步的异质性分析发现，国地税合并改革对现金持有的影响会因企业内部特征和外部环境差异而呈现不同的作用效果，具体表现为在融资约束严重、盈利能力弱及税收征管环境差的企业中该效应更为凸显。此外，本文还发现，为缓解税收负担增加带来的财务压力，企业在国地税合并改革之后，一方面会减少投资支出、劳动投入和股利支付，另一方面会增加商业信用融资。本文结论表明，政府部门在深化税收征管改革以规范企业纳税行为的同时，需要特别注重税收负担给企业带来的财务压力，以避免阻碍企业长远发展。
关键词(KeyWords)： 国地税合并;税收负担;现金持有;预防性储蓄
基金项目(Foundation): 国家社会科学基金重点项目“新发展格局构建中的金融资源有效配置机制研究”(21AJY011)的资助
作者(Author): 叶永卫,陶云清,陈栋
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- (1)相关数据引自:搜狐网,全球宏观税负比较(https://www.sohu.com/a/297432864_313170)。 (2)相关数据引自:《国务院关于2018年度中央预算执行和其他财政收支的审计工作报告》。 (3)2003年这一分享比例调整为中央政府占60%,地方政府占40%。