产权性质、税收负担与企业财务绩效关系研究
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摘要
本文以2008-2013年的上证A股和深证A股上市公司为样本,基于产权税收理论,实证分析产权性质、税收负担和企业财务绩效的相关性,得到以下研究结论:一是产权性质对税收负担有显著性影响,且国有上市公司的税收负担明显高于民营上市公司;二是产权性质对企业财务绩效有显著性影响,且国有上市公司的财务绩效明显低于民营上市公司;三是税收负担与企业财务绩效具有显著负相关性,且税收负担在产权性质影响企业财务绩效的逻辑关系中起着"桥梁作用"。
This paper gives an empirical research on the correlation of the nature of property rights, the tax burden, and the enterprise financial performance by taking the 2008-2013 Shanghai A-share and shenzhen A-share listed companies as samples,based on the property tax theory. The paper argues that the nature of property rights has significant influence on both the tax burden(the tax burden of state-owned listed companies is obviously higher than that of the private listed company) and the financial performance(the financial performance of state-owned listed companies is markedly lower than that of the private listed companies), that the tax burden has negative correlation with the financial performance. The tax burden plays a "bridge role" in the logical relationship between the nature of property rights and the enterprise financial performance.
This paper gives an empirical research on the correlation of the nature of property rights, the tax burden, and the enterprise financial performance by taking the 2008-2013 Shanghai A-share and shenzhen A-share listed companies as samples,based on the property tax theory. The paper argues that the nature of property rights has significant influence on both the tax burden(the tax burden of state-owned listed companies is obviously higher than that of the private listed company) and the financial performance(the financial performance of state-owned listed companies is markedly lower than that of the private listed companies), that the tax burden has negative correlation with the financial performance. The tax burden plays a "bridge role" in the logical relationship between the nature of property rights and the enterprise financial performance.
引文
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[12]王跃堂,王亮亮,彭洋.产权性质、债务税盾与资本结构[J].经济研究,2010(9).
[13]郑红霞,韩梅芳.基于不同股权结构的上市公司税收筹划行为研究—来自中国国有上市公司和民营上市公司的经验证据[J].中国软科学,2008(9).
[14]吴风来.产权所有制性质与企业绩效实证研究[J].经济科学,2003(3).
[15]徐莉萍,辛宇,陈工孟.股权集中度和股权制衡及其对公司经营绩效的影响[J].经济研究,2006(1).
[16]董梅生,洪功翔.国有与民营上市公司效率比较的实证研究[J].马克思主义研究,2011(9).
[17]王延明.上市公司所得税率变化的敏感性分析[J].经济研究,2002(9).
(1)这里仅从各变量的均值角度进行比较,变量的最大值、最小值的比较见表2。
[2]朱庆民.产权制度与税制改革的相关性分析[J].税务研究,1998(12).
[3]白彦锋.当前税收收入快速增长的宪法背景思考[J].中国财经信息资料,2006(23).
[4]刘晔.对税收本质的重新思考——基于制度视角的分析[J].当代财经,2009(4).
[5]蔡昌.构建产权型税收体系:基于产权保护与税收立法权的回归的思考[J].税务研究,2013(6).
[6]刘尚希.深化国资体制改革需系统性重构[J].望,2015(4).
[7]曹书军,张婉君.企业实际所得税率影响因素及其稳定性研究[J].财经论丛,2008(6).
[8]吴联生.国有股权、税收优惠与公司税负[J].经济研究,2009(10).
[9]吕伟.分析师跟踪、产权安排与公司避税行为[J].山西财经大学学报,2010(11).
[10]覃雪梅.上市公司股权结构对所得税实际税负的影响研究[D].南宁:广西大学,2011.
[11]龙文滨,周茜.股权结构、实际税负与公司价值关系研究[J].财会月刊,2012(15).
[12]王跃堂,王亮亮,彭洋.产权性质、债务税盾与资本结构[J].经济研究,2010(9).
[13]郑红霞,韩梅芳.基于不同股权结构的上市公司税收筹划行为研究—来自中国国有上市公司和民营上市公司的经验证据[J].中国软科学,2008(9).
[14]吴风来.产权所有制性质与企业绩效实证研究[J].经济科学,2003(3).
[15]徐莉萍,辛宇,陈工孟.股权集中度和股权制衡及其对公司经营绩效的影响[J].经济研究,2006(1).
[16]董梅生,洪功翔.国有与民营上市公司效率比较的实证研究[J].马克思主义研究,2011(9).
[17]王延明.上市公司所得税率变化的敏感性分析[J].经济研究,2002(9).
(1)这里仅从各变量的均值角度进行比较,变量的最大值、最小值的比较见表2。