摘要
财政激励政策对企业投资结构的调整具有重要影响。实证研究结果表明,财政激励政策会促使企业选择提升权益性投资比重,且这种促进作用具有递减倾向。其中,税收返还和财政贴息会显著促进企业权益性投资比重升高,研发补贴则会促进企业固定资产投资比重升高。进一步以企业融资效率为中介变量进行检验发现,财政激励可以通过提升企业融资效率进而促使企业提升权益性投资比重。因此,在利用财政激励政策工具调节企业投资结构时,应充分考虑企业金融化水平,以避免企业投资结构出现失衡。
Financial incentive policy has an important impact on the adjustment of corporate investment structure.The empirical results elucidate that the fiscal incentive policy will promote the enterprises to choose to increase the proportion of equity investment,and this promotion has a decreasing trend.Among them,tax returns and financial discount will significantly promote the proportion of equity investment,while R&D subsidies will promote the proportion of fixed assets investment.Furthermore,test,which considers enterprise financing efficiency as the intermediary variable,shows that financial incentive promotes the proportion of equity investment by improving enterprise financing efficiency.In the final analysis,when using fiscal incentive policy tools to adjust the investment structure of enterprises,it should completely consider the level of enterprise financialization in order to avoid the imbalance of enterprise investment structure.
作者
后小仙
郑田丹
HOU Xiaoxian;ZHENG Tiandan(School of Government Audit,Nanjing Audit University,Nanjing 211815,China;School of Public Economics and Administration,Shanghai University of Finance and Economics,Shanghai 200433,China)
出处
《审计与经济研究》
CSSCI
北大核心
2021年第3期117-127,共11页
Journal of Audit & Economics
基金
国家社科基金项目(17BJY001)
江苏省社科基金项目(21JZB001)。
关键词
财政激励
金融化
企业投资结构
权益性投资
PSM模型
脱实向虚
financial incentives
financialization
corporate investment structure
equity investment
PSM model
transformation of economy from the substantial to the fictitious
