China's local government debt and firm tax burden

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2024-08-02 DOI:10.1016/j.pacfin.2024.102469

Yining Yao , Min Guo , Ping Jiang , Lei Xu

引用次数: 0

Abstract

We establish a relationship between China's local government debt (LGD) and the tax burden on firms. Using datasets of LGD and listed firms from 2009 to 2021, we find that LGD significantly reduces firm tax burden. The tax reduction effect of LGD is particularly pronounced in regions with business-friendly environments and lower fiscal pressure, and is more evident among state-owned enterprises (SOEs) and less-profitable firms. We also find that new government bonds demonstrate a stronger effect on reducing firm tax burden than refinancing bonds do. The strategic growth of LGD can be meaningfully applied to stimulate firm and regional growth.

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中国地方政府债务和坚实的税负

我们建立了中国地方政府债务（LGD）与企业税负之间的关系。利用 2009 年至 2021 年的地方政府债务数据集和上市公司数据集，我们发现地方政府债务显著降低了企业税负。LGD 的减税效应在商业环境友好、财政压力较小的地区尤为明显，在国有企业和盈利能力较弱的企业中更为明显。我们还发现，与再融资债券相比，新发行的政府债券对降低企业税负的作用更大。地方政府债务的战略性增长可以有效地刺激企业和地区增长。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.