摘要
实体经济振兴依赖于企业的生产性投资,如何激发企业提高生产性投资占比,避免经济结构'脱实向虚',是我国财税体系改革面临的主要挑战。本文从税收负担和企业资金两个角度拓展了企业股东权益最大化的欧拉方程模型,分析了不同税种税负对企业投资决策的影响,并比较了不同来源资金对企业投资决策的影响。研究发现:税收竞争导致的企业实际税负差异对企业投资决策的影响非常显著,所得税税负对企业投资决策的影响大于营业税等其他税种的影响;小企业投资受营业税等其他税负的影响更大,大企业投资受所得税税负的影响更大;企业融资资金和自有资金都会限制企业生产性投资,融资资金对企业生产性投资的限制作用大于自有资金,这说明企业筹集的资金可能更多地流向虚拟经济或房地产部门,说明经济存在'脱实向虚'的风险。
The revitalization of the real economy depends on the productive investment of the enterprise.How to stimulate the corporate to carry out the productive investment and avoid the economy into virtualization is the main challenge now.This paper extends the Euler equation model from two aspects:increasing multi-tax factor and enterprise’s own capital factor.This paper analyzes the influence of different kinds of taxes on the investment decision of corporates and also compares the influence of different sources of funds on the investment decision of corporates.It is found that the actual tax burden difference caused by tax competition has a very significant impact on the investment decisions of corporates.The impact of income tax on corporate investment decision is greater than that of other taxes.The investment of small corporates is more affected by other taxes.And the investment of large enterprises is more affected by income tax.Enterprises raised funds and own funds will restrict the productive investment of enterprises.The effect of raised funds on the productive investment of corporates is greater than that of their own funds.This suggests that the raised funds is more likely to flow into the virtual economy or the real estate sector.And it suggests that the economy is exposed to the risk of virtualization.
作者
张国庆
李晓春
Zhang Guoqing;Li Xiaochun
出处
《南京社会科学》
CSSCI
北大核心
2019年第9期31-38,共8页
Nanjing Journal of Social Sciences
关键词
税收竞争
企业投资决策
实体经济
tax competition
corporate investment decision
real economy
