税收和企业投资效益共同繁荣

IF 2.9 3区经济学 Q1 ECONOMICS

Quarterly Review of Economics and Finance Pub Date : 2025-05-15 DOI:10.1016/j.qref.2025.102013

Chenguang Fan, Seongho Bae, Yu Liu

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引用次数: 0

摘要

我们探讨了共同繁荣政策背景下企业税收再分配对投资效率的影响。利用2011-2022年中国上市公司的数据，我们实证检验了公司税再分配是否显著影响投资效率，特别是投资不足。研究发现，企业税收再分配通过减少企业现金流和降低投资回报两个渠道影响投资效率。这种关系在非国有企业中更为明显。在股权结构发生变化、CEO二元制、董事和监事不在股东单位担任职务以及同一实益所有人不控制多家上市公司的公司中，这种情况也很明显。该研究为共同繁荣战略下企业税收再分配对投资决策的影响提供了新的视角。

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Taxation and corporate investment efficiency in common prosperity

We explore the impact of corporate tax redistribution on investment efficiency in the context of the common prosperity policy. Utilizing data from Chinese public companies (2011–2022), we empirically examine whether corporate tax redistribution significantly impacts investment efficiency, particularly underinvestment. We find that corporate tax redistribution affects investment efficiency through two channels: reducing corporate cash flow and lowering investment returns. This relationship is stronger in non-state-owned enterprises. It is also pronounced in firms with changes in share capital structure, CEO duality, directors and supervisors who do not hold positions in shareholder units, and the same beneficial owner who does not control multiple listed firms. The study offers new perspectives on the influence of corporate tax redistribution on investment decisions under the common prosperity strategy.

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来源期刊

Quarterly Review of Economics and Finance ECONOMICS-

CiteScore

6.00

自引率

2.90%

发文量

118

期刊介绍： The Quarterly Review of Economics and Finance (QREF) attracts and publishes high quality manuscripts that cover topics in the areas of economics, financial economics and finance. The subject matter may be theoretical, empirical or policy related. Emphasis is placed on quality, originality, clear arguments, persuasive evidence, intelligent analysis and clear writing. At least one Special Issue is published per year. These issues have guest editors, are devoted to a single theme and the papers have well known authors. In addition we pride ourselves in being able to provide three to four article "Focus" sections in most of our issues.