贵州财经大学学报

贵州财经大学学报 ›› 2023 ›› Issue (03): 29-38.

• 金融经济 • 上一篇    

税收征管如何影响企业现金持有——基于“金税三期”的准自然实验

杨兴全, 丁琰   

  1. 石河子大学 经济与管理学院, 新疆 石河子 832000
  • 收稿日期:2022-01-30 发布日期:2023-05-23
  • 作者简介:杨兴全(1969-),男,甘肃古浪人,石河子大学经济与管理学院/公司治理与管理创新研究中心教授、博士、博士生导师,研究方向为公司财务与公司治理;丁琰(1997-),女,山东日照人,石河子大学经济与管理学院博士研究生,研究方向为公司财务与公司治理。
  • 基金资助:
    国家自然科学基金项目“反腐败与公司现金持有:影响、作用机制和经济后果”(71862032);国家自然科学基金项目“‘中国之治’的政府行为与企业创新:基于‘国家队’持股的研究”(72062027)。

How Tax Enforcement Influences Cash Holdings—Evidence from the Quasi-natural Experiment Based on the Third Phase of Golden Tax Project

YANG Xingquan, DING Yan   

  1. School of Economics and Management, Shihezi University, Shihezi, Xinjiang 832000, China
  • Received:2022-01-30 Published:2023-05-23

PDF

169

摘要： 以2007~2019年A股上市公司为样本,借助金税三期工程上线为"准自然实验",通过多期双重差分模型检验税收征管如何影响现金持有。研究发现,税收征管显著提高了企业现金持有水平,且该效应在非国有企业、产品市场竞争较激烈企业、市场化进程较高地区更显著;机制检验发现,这种现金增持效应主要源于税收征管的治理效应,通过抑制管理层超额持现引致的过度投资和在职消费进而提升现金持有量;进一步研究发现,超额现金将用于公司研发投入和股利发放,实现了资金的二次优化配置,最终提升了现金持有价值。这为金税工程的政策绩效评估提供了微观层面的证据,同时也为进一步完善智能化监管,推进纳税系统信息化提供理论及经验支持。

关键词: 金税三期, 税收征管, 现金持有

Abstract: Based on a sample of A-share listed companies in China from 2007 to 2019, this paper chooses a time-varying DID model to test the effect of tax enforcement on cash holdings, and applies a quasi-natural experiment in which the third phase of the golden tax project. The study finds that tax enforcement significantly increases the level of corporate cash holdings, and the effect is more significant among non-state enterprises, the more competitive product market, and the regions with high marketization. We found that this effect was mainly due to the "governance effect" of the tax enforcement, which led to the increase of cash holdings by curbing over-investment and executives' perks caused by excess cash holdings; further study founds that the excess cash would be used for R&D and dividend payment, achieving the secondary optimal allocation of capital and ultimately increasing the value of cash holdings. This provides micro-level evidence on the effect of the "third phase of the golden tax project" policy and also provides theoretical and empirical support to further improve intelligent supervision and promote the computerization of the taxation system.

Key words: the third phase of golden tax project, tax enforcement, cash holding

中图分类号: