中国工业经济
中國工業經濟
중국공업경제
China Industrial Economy
2013年
8期
109~121
,共null页
税收征管 政企关系 债务融资
稅收徵管 政企關繫 債務融資
세수정관 정기관계 채무융자
tax collection and management; the government-enterprises relationship; debt financing
本文以2003-2011年间沪深两市符合条件的上市公司为研究样本，通过双维度度量税收征管力度．研究了地区税收征管环境对中国上市公司债务融资能力的影响，并进而考察了政企关系对税收征管治理效应的影响。研究发现：①税收征管对公司的债务融资能力有显著的改善作用。由于税务机关具有核实债务人清偿能力和降低债权人求偿成本的作用，因此，在税收征管力度越强的地区。企业越容易获得债务融资，并且长期负债的比例更高，债务融资的成本也更低：②政企关系与税收征管在改善企业债务融资方面具有替代作用：与民营企业相比，税收征管对国有企业，尤其是央企债务融资能力的改善作用较弱：而对于有政治关系的民营企业．税收征管对其债务融资能力的改善作用也较其他民营企业更不明显。本文的研究不仅拓展了税收征管以及政企关系公司治理作用机制的研究领域．而且有助于纳税企业和税务机关全面认识税收征管工作的重要意义．从而为政府部门出台相关政策措施．最终实现政府职能的转变提供了现实依据。
本文以2003-2011年間滬深兩市符閤條件的上市公司為研究樣本，通過雙維度度量稅收徵管力度．研究瞭地區稅收徵管環境對中國上市公司債務融資能力的影響，併進而攷察瞭政企關繫對稅收徵管治理效應的影響。研究髮現：①稅收徵管對公司的債務融資能力有顯著的改善作用。由于稅務機關具有覈實債務人清償能力和降低債權人求償成本的作用，因此，在稅收徵管力度越彊的地區。企業越容易穫得債務融資，併且長期負債的比例更高，債務融資的成本也更低：②政企關繫與稅收徵管在改善企業債務融資方麵具有替代作用：與民營企業相比，稅收徵管對國有企業，尤其是央企債務融資能力的改善作用較弱：而對于有政治關繫的民營企業．稅收徵管對其債務融資能力的改善作用也較其他民營企業更不明顯。本文的研究不僅拓展瞭稅收徵管以及政企關繫公司治理作用機製的研究領域．而且有助于納稅企業和稅務機關全麵認識稅收徵管工作的重要意義．從而為政府部門齣檯相關政策措施．最終實現政府職能的轉變提供瞭現實依據。
본문이2003-2011년간호심량시부합조건적상시공사위연구양본，통과쌍유도도량세수정관력도．연구료지구세수정관배경대중국상시공사채무융자능력적영향，병진이고찰료정기관계대세수정관치리효응적영향。연구발현：①세수정관대공사적채무융자능력유현저적개선작용。유우세무궤관구유핵실채무인청상능력화강저채권인구상성본적작용，인차，재세수정관력도월강적지구。기업월용역획득채무융자，병차장기부채적비례경고，채무융자적성본야경저：②정기관계여세수정관재개선기업채무융자방면구유체대작용：여민영기업상비，세수정관대국유기업，우기시앙기채무융자능력적개선작용교약：이대우유정치관계적민영기업．세수정관대기채무융자능력적개선작용야교기타민영기업경불명현。본문적연구불부탁전료세수정관이급정기관계공사치리작용궤제적연구영역．이차유조우납세기업화세무궤관전면인식세수정관공작적중요의의．종이위정부부문출태상관정책조시．최종실현정부직능적전변제공료현실의거。
This paper takes the sample of 2003-2011 qualified listed companies in Shanghai and Shenzhen stock exchange to study the influence of tax collection and management on Chinese listed companies＇ debt financing capacity, and also investigated the influence of the government-enterprises relationship on the governance effect of tax collection and management by the double-dimensional measure of tax collection and management. We find that： ①Tax collection and management can improve companies＇ debt financing capacity significantly. Because the tax authorities can verify debtor＇s solvency and reduce the claim cost of creditor, so the stricter the tax management in a district is, the easier for the companies in that district to obtain debt financing. What＇s more, companies in that district can get long-term debt more easily and more cheaply. ②The roles of tax collection and management and the government-enterprises relationship are substitute in companies＇ debt financing capacity. Tax collection and management has a weaker effect on improving the debt financing capacity of state- owned enterprises, especially central enterprises, compared with private enterprises. Besides, for those private enterprises which have political relations, tax collection and management has a weaker effect on improving their debt financing capacity than other private enterprises. Our study not only expands the research field in the corporate governance mechanism of tax collection and management and government-enterprises relationship, but also can help the taxpaying enterprises and tax authorities to comprehensively understand the work of tax collection. So it can provide the realistic basis for government issuing relevant polices and final realization of transformation of government functions.
