论文部分内容阅读
本文以2007～2009年中国A股制造业上市公司为样本,实证检验了市场化程度、代理成本影响企业税收负担的机理。结果发现:(1)民营企业的税收负担和股东与管理层间代理成本显著正相关,和市场化程度显著负相关,且市场化程度对税收负担与实物消费代理成本之间关系具有正向调节作用;(2)在国有企业中,税收负担与股东和管理层间代理成本显著正相关,但与市场化程度不存在显著相关关系。进一步研究发现,市场化程度提高有利于降低闲暇消费代理成本对税收负担的正向影响关系。本文的研究结论表明,市场化程度、企业产权性质以及股东与管理层间代理成本等因素会影响减税政策实施效果。
This paper takes the 2007-2009 A-share manufacturing listed companies in China as a sample to test the mechanism of the degree of marketization and the cost of agency affecting the corporate tax burden. The results show that: (1) The tax burden of private enterprises is significantly and positively correlated with the agency costs of shareholders and negatively correlated with the degree of marketization, and the degree of marketization has a positive effect on the relationship between the tax burden and the real consumption agency costs (2) In the state-owned enterprises, the tax burden is significantly and positively related to the agency costs between the shareholders and the management, but not significantly related to the degree of marketization. Further study found that the higher degree of marketization is conducive to reducing the positive impact of the agency cost of leisure spending on tax burden. The conclusion of this paper shows that the degree of marketization, the nature of the property rights of the enterprise and the agency costs between the shareholders and the management will affect the implementation effect of the tax reduction policy.