王宜峰,魏兴凯

• 1:广西师范大学经济管理学院

摘要(Abstract)：

税收征管不仅发挥了保证国家收入、稳定社会发展的重要作用，还会对企业运营产生重要影响。在当前经济“脱实向虚”问题愈演愈烈的情况下，从政策角度出发研究税收征管对企业金融化的影响具有重要的理论意义和现实意义。本文以2012—2020年A股上市公司为样本，利用金税三期这一准自然实验，应用多期双重差分模型(DID)研究税收征管对企业金融化的影响。研究发现，金税三期显著促进企业金融化。机制分析表明，金税三期给企业运营带来冲击，通过现金流机制和成本机制激发了企业储蓄动机进而促进企业金融化，现金流冲击大和实体盈利能力差的企业受到的促进作用更强。进一步研究发现，金税三期增加了短期金融投资、抑制了企业金融投机动机、提高了企业的实体投资效率。本文丰富了税收征管经济后果和企业金融化影响因素的研究，也为增强金融业对实体经济服务能力提供重要的思路。

关键词(KeyWords)： 税收征管;企业金融化;储蓄动机

Abstract:

Keywords:

基金项目(Foundation):

作者(Author): 王宜峰,魏兴凯

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