摘要
企业税负和融资约束是影响煤炭企业生产与投资的两个重要因素。利用动态优化模型,本文构建了考虑企业税负、融资约束的煤炭企业投资选择分析框架,一方面从理论角度刻画了煤炭企业投资的行为特征和最优性条件,另一方面基于理论框架构建了计量经济模型,并实证考察了企业税负、融资约束对煤炭企业固定资产投资的影响。结果表明:①企业税负通过直接和间接两种方式影响煤炭企业的固定资产投资。由于固定资产投资具有税费抵免作用,税负的存在直接提高了企业投资意愿和行为,但企业税负抑制了企业投资的持续性,同时也提高了企业的融资难度,其间接效应的作用更为明显。②企业融资约束通常以现金流对投资的敏感性来反映,现金流充裕的煤炭企业更加关注新矿的开发、设备更新以及加强安全投入等,与"自由现金流假说"一致。③反映企业特征的规模和负债率不改变税负和融资约束对煤炭企业投资的影响特性,所得结果具有稳健性。
Corporate tax burden and finance constrains are the two important factors which impact the production and investment of coal corporate.Utilizing a dynamic optimization model,this paper constructs a frame which takes corporate tax burden and finance constrains into consideration to analyze the investment choice of coal corporate from two aspects.For one thing,the behavior characteristics and optimality conditions of coal corporate are depicted theoretically.For another,an econometric model is built on the base of the theoretical frame,thus the effect of corporate tax burden and finance constrains on the fixed asset investment of coal corporate is investigated empirically.These results show that:① Tax burden exerts both direct and indirect influence on the fixed assets investment of coal corporate.It directly raises the investment inclination and behavior due to the tax credit function of fixed assets investment.However,the sustainability of corporate financing is restrained,and the difficulty of financing also grows,being part of its more obvious indirect effect.② In most cases,the corporate finance constrains are reflected by the sensitivity of cash flow to investment.Coal corporate with sufficient cash flow will concentrate more on exploring new mines,updating facilities,increasing safety input,etc,which is consistent with free cash flow hypothesis.③ Corporate scale and debt ratio which may mirror the firm’s feature will not change how tax burden and finance constrains affect the investment of coal corporate.Thus,the final conclusion is stable.
作者
葛世龙
李晗
GE Shilong;LI Han(College of Information Engineering,Nanjing Audit University,Nanjing,Jiangsu 211815,China;College of Government Auditing,Nanjing Audit University,Nanjing,Jiangsu 211815,China)
出处
《南京航空航天大学学报（社会科学版）》
2019年第2期33-40,共8页
Journal of Nanjing University of Aeronautics & Astronautics（Social Sciences）
基金
国家自然科学基金项目(71303106)
江苏高校优势学科建设工程资助项目(PAPD)
关键词
投资决策模型
企业税负
现金流
企业规模
负债率
decision model for investments
corporate tax burden
cash flow
corporate size
debt ratio
