摘要
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。
Using a data set of Chinese listed manufacturing companies from 2007 to 2009, this paper examines the relationship between agency costs, the degree of marketization and tax burden. Our empirical findings show that： （1） for private enterprises, the tax burden is significantly and positively related to agency costs, but significantly and negatively related to the degree of marketization. Furthermore, the degree of marketization strengthens the positive relation between agency costs and tax burden. （2） for state-owned enterprises, the tax burden is significantly and positively related to agency costs, but has no significant relationship with the degree of marketization. Moreover, the degree of marketization weakens the positive relation between agency costs and tax burden. These findings indicate that factors such as the degree of marketization, the nature of ownership and agency costs may influence the enforcement effect of tax policies.
出处
《经济管理》
CSSCI
北大核心
2011年第11期1-8,共8页
Business and Management Journal ( BMJ )
基金
国家自然科学基金项目"基于控制权动态配置的投融资双方激励相容机制设计:可转债融资契约视角"(70972101)
国家自然科学基金项目"基于金融契约及机制设计的中国金融衍生品交易市场自律监管的研究"(71173166)
关键词
市场化程度
代理成本
税收负担
调节作用
the degree of marketization
agency costs
tax burden
moderating effect
