企业税负、融资约束与煤炭企业固定资产投资
|
摘要
企业税负和融资约束是影响煤炭企业生产与投资的两个重要因素。利用动态优化模型,本文构建了考虑企业税负、融资约束的煤炭企业投资选择分析框架,一方面从理论角度刻画了煤炭企业投资的行为特征和最优性条件,另一方面基于理论框架构建了计量经济模型,并实证考察了企业税负、融资约束对煤炭企业固定资产投资的影响。结果表明:①企业税负通过直接和间接两种方式影响煤炭企业的固定资产投资。由于固定资产投资具有税费抵免作用,税负的存在直接提高了企业投资意愿和行为,但企业税负抑制了企业投资的持续性,同时也提高了企业的融资难度,其间接效应的作用更为明显。②企业融资约束通常以现金流对投资的敏感性来反映,现金流充裕的煤炭企业更加关注新矿的开发、设备更新以及加强安全投入等,与"自由现金流假说"一致。③反映企业特征的规模和负债率不改变税负和融资约束对煤炭企业投资的影响特性,所得结果具有稳健性。
Corporate tax burden and finance constrains are the two important factors which impact the production and investment of coal corporate. Utilizing a dynamic optimization model, this paper constructs a frame which takes corporate tax burden and finance constrains into consideration to analyze the investment choice of coal corporate from two aspects. For one thing, the behavior characteristics and optimality conditions of coal corporate are depicted theoretically. For another, an econometric model is built on the base of the theoretical frame, thus the effect of corporate tax burden and finance constrains on the fixed asset investment of coal corporate is investigated empirically. These results show that: ① Tax burden exerts both direct and indirect influence on the fixed assets investment of coal corporate. It directly raises the investment inclination and behavior due to the tax credit function of fixed assets investment. However, the sustainability of corporate financing is restrained, and the difficulty of financing also grows, being part of its more obvious indirect effect. ② In most cases, the corporate finance constrains are reflected by the sensitivity of cash flow to investment. Coal corporate with sufficient cash flow will concentrate more on exploring new mines, updating facilities, increasing safety input, etc, which is consistent with free cash flow hypothesis. ③ Corporate scale and debt ratio which may mirror the firm's feature will not change how tax burden and finance constrains affect the investment of coal corporate. Thus, the final conclusion is stable.
Corporate tax burden and finance constrains are the two important factors which impact the production and investment of coal corporate. Utilizing a dynamic optimization model, this paper constructs a frame which takes corporate tax burden and finance constrains into consideration to analyze the investment choice of coal corporate from two aspects. For one thing, the behavior characteristics and optimality conditions of coal corporate are depicted theoretically. For another, an econometric model is built on the base of the theoretical frame, thus the effect of corporate tax burden and finance constrains on the fixed asset investment of coal corporate is investigated empirically. These results show that: ① Tax burden exerts both direct and indirect influence on the fixed assets investment of coal corporate. It directly raises the investment inclination and behavior due to the tax credit function of fixed assets investment. However, the sustainability of corporate financing is restrained, and the difficulty of financing also grows, being part of its more obvious indirect effect. ② In most cases, the corporate finance constrains are reflected by the sensitivity of cash flow to investment. Coal corporate with sufficient cash flow will concentrate more on exploring new mines, updating facilities, increasing safety input, etc, which is consistent with free cash flow hypothesis. ③ Corporate scale and debt ratio which may mirror the firm's feature will not change how tax burden and finance constrains affect the investment of coal corporate. Thus, the final conclusion is stable.
引文
[1] 中国煤炭工业协会.中国煤炭工业改革发展情况通报(2014年度报告)[R/OL].(2015-01-26) [2018-09-15].https://bbs.pinggu.org/a-1732129.html.
[2] 岳福宾.煤炭企业税收存在问题及解决思路[J].宏观经济研究,2006(5):21-28.
[3] 中国煤炭工业协会.煤炭企业税费负担调查研究报告[C]//2008中国煤炭工业发展研究报告. 徐州:中国矿业大学出版社,2008:349.
[4] JORGENSON D.W.Capital Theory and Investment Behavior[J]. American Economic Review, 1963,53(2): 247-259.
[5] KING R, Fullerton D.The Taxation of Income from Capital: A Comparative Study of the United States, the United Kingdom, Sweden, and West Germany[M]. Chicago University Press, Chicago, IL,1984.
[6] HALL R E, JORGENSON D W.Tax Policy and Investment Behavior[J]. American Economic Review,1967, 57(3):391-414.
[7] AUERBACH AJ,HASSETT K.Recent U.S. Investment Behavior and the Tax Reform Act of 1986: A Disaggregate View[J]. Carnegie-Rochester Conference Series on Public Policy, 1991(35):185-215.
[8] CUMMINS J G, HASSETT KA, HUBBARD G.Tax Reforms and Investment: A Cross-country Comparison[J]. Journal of Public Economics, 1996,62(1-2):237-273.
[9] HOUSE C L, SHAPIRO M D.Temporary Investment Tax Incentives: Theory with Evidence from Bonus Depreciation[J]. American Economic Review, 2008,98(3):737-768.
[10] 张伦俊.税收对投资的影响分析[J].统计研究,1999(4):17-22.
[11] 马拴友.税收优惠与投资的实证分析——兼论促进我国投资的税收政策选择[J].税务研究,2001(10):39-44.
[12] 行伟波.税收激励、资本价格与投资行为——基于中国省级面板数据的实证分析[J].世界经济文汇,2012(4):105-120.
[13] 付文林,赵永辉.税收激励、现金流与企业投资结构偏向[J].经济研究,2014(5):19-33.
[14] CARROLL R, et al. Income Taxes And Entrepreneurs’ Use Of Labor[J]. Journal of Labor Economics, 2000,18(2):324-351.
[15] 黄丹.中国煤炭企业信贷融资困境与效率研究[D].北京:中国地质大学(北京),2014.
[16] JENSEN M C. Agency Costs of Free Cash Flow, Corporate Finance and Takeovers[J]. American Economic Review, 1986,76(2):323-329.
[17] FAZZARI S M, GLENN R H, PETERSEN B.C.Financing constraints and corporate investment[J]. Brookings Papers on Economic Activity 1988(1):141-195.
[18] WHITE T M.Debt, Liquidity Constraints and Corporate Investment: Evidence From Panel Data[J]. Journal of Finance, 1992,47(4):1425-1460.
[19] HARRISON A E, LOVE I, MCMILLAN M S.Global Capital Flows and Financing Constraints[J]. Journal of Development Economics, 2004,75(1):269-301.
[20] GILCHRIST S, HIMMELBERG C.Investment: Fundamentals and Finance[J]. NBER Macroeconomics Annual 1999,13(1):223-274.
[21] CARPENTER R E, GUARIGLIA A.Cash Flow, Investment, and Investment Opportunities: New Tests Using UK Panel Data[J]. Journal of Banking and Finance, 2008(32):1894-1906.
[22] 张翼,李辰.股权结构、现金流与资本投资[J].经济学,2005,5(1):229-246.
[23] DING S, GUARIGLIA A, KNIGHT J.Investment and Financing Constraints in China: Does Working Capital Management Make a Difference?[J]. Journal of Banking and Finance, 2013,37(5):1490-1507.
[24] CARROLL R, et al.Income Taxes And Entrepreneurs’ Use Of Labor[J]. Journal of Labor Economics, 2000,18(2):324-351.
[25] SUMMERS L H. Taxation and Corporate Investment: A q-Theory Approach[J]. Brookings Papers on Economic Activity, 1981(1):67-127.
[26] KAPLAN S N, ZINGALES L.Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?[J]. Quarterly Journal of Economics, 1997,107(1):169-215.
[27] LAEVEN L.Does Financial Liberalization Reduce Financing Constraints?[J]. Financial Management, 2003,32(1): 5-34.
[28] LOVE I.Financial Development and Financing Constraints: International Evidence from the Structure Investment Model[J]. Review of Financial Studies, 2003,16(3):765-791.
[29] PETERSEN M.A.Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches[J]. Review of Financial Studies, 2009,22(1):435-480.
[30] RATTI R A, SEOL Y, YOON K H.Relative Energy Price and Investment by European Firms[J]. Energy Economics, 2011,33(5):721-731.
[31] 童盼,陆正飞.负债融资、负债来源于企业投资行为——来自中国上市公司的经验证据[J].经济研究,2005(5):75-84.
[32] 杨华,陈迅,田洪刚.资本结构与经营绩效非线性关系研究——来自中国能源行业上市公司的经验证据[J].财经论丛,2011(1):101-106.
[33] 彭程,刘星.负债融资与企业投资决策的互动关系:税收因素视角的实证研究[J].经济科学,2007(4):58-69.
[2] 岳福宾.煤炭企业税收存在问题及解决思路[J].宏观经济研究,2006(5):21-28.
[3] 中国煤炭工业协会.煤炭企业税费负担调查研究报告[C]//2008中国煤炭工业发展研究报告. 徐州:中国矿业大学出版社,2008:349.
[4] JORGENSON D.W.Capital Theory and Investment Behavior[J]. American Economic Review, 1963,53(2): 247-259.
[5] KING R, Fullerton D.The Taxation of Income from Capital: A Comparative Study of the United States, the United Kingdom, Sweden, and West Germany[M]. Chicago University Press, Chicago, IL,1984.
[6] HALL R E, JORGENSON D W.Tax Policy and Investment Behavior[J]. American Economic Review,1967, 57(3):391-414.
[7] AUERBACH AJ,HASSETT K.Recent U.S. Investment Behavior and the Tax Reform Act of 1986: A Disaggregate View[J]. Carnegie-Rochester Conference Series on Public Policy, 1991(35):185-215.
[8] CUMMINS J G, HASSETT KA, HUBBARD G.Tax Reforms and Investment: A Cross-country Comparison[J]. Journal of Public Economics, 1996,62(1-2):237-273.
[9] HOUSE C L, SHAPIRO M D.Temporary Investment Tax Incentives: Theory with Evidence from Bonus Depreciation[J]. American Economic Review, 2008,98(3):737-768.
[10] 张伦俊.税收对投资的影响分析[J].统计研究,1999(4):17-22.
[11] 马拴友.税收优惠与投资的实证分析——兼论促进我国投资的税收政策选择[J].税务研究,2001(10):39-44.
[12] 行伟波.税收激励、资本价格与投资行为——基于中国省级面板数据的实证分析[J].世界经济文汇,2012(4):105-120.
[13] 付文林,赵永辉.税收激励、现金流与企业投资结构偏向[J].经济研究,2014(5):19-33.
[14] CARROLL R, et al. Income Taxes And Entrepreneurs’ Use Of Labor[J]. Journal of Labor Economics, 2000,18(2):324-351.
[15] 黄丹.中国煤炭企业信贷融资困境与效率研究[D].北京:中国地质大学(北京),2014.
[16] JENSEN M C. Agency Costs of Free Cash Flow, Corporate Finance and Takeovers[J]. American Economic Review, 1986,76(2):323-329.
[17] FAZZARI S M, GLENN R H, PETERSEN B.C.Financing constraints and corporate investment[J]. Brookings Papers on Economic Activity 1988(1):141-195.
[18] WHITE T M.Debt, Liquidity Constraints and Corporate Investment: Evidence From Panel Data[J]. Journal of Finance, 1992,47(4):1425-1460.
[19] HARRISON A E, LOVE I, MCMILLAN M S.Global Capital Flows and Financing Constraints[J]. Journal of Development Economics, 2004,75(1):269-301.
[20] GILCHRIST S, HIMMELBERG C.Investment: Fundamentals and Finance[J]. NBER Macroeconomics Annual 1999,13(1):223-274.
[21] CARPENTER R E, GUARIGLIA A.Cash Flow, Investment, and Investment Opportunities: New Tests Using UK Panel Data[J]. Journal of Banking and Finance, 2008(32):1894-1906.
[22] 张翼,李辰.股权结构、现金流与资本投资[J].经济学,2005,5(1):229-246.
[23] DING S, GUARIGLIA A, KNIGHT J.Investment and Financing Constraints in China: Does Working Capital Management Make a Difference?[J]. Journal of Banking and Finance, 2013,37(5):1490-1507.
[24] CARROLL R, et al.Income Taxes And Entrepreneurs’ Use Of Labor[J]. Journal of Labor Economics, 2000,18(2):324-351.
[25] SUMMERS L H. Taxation and Corporate Investment: A q-Theory Approach[J]. Brookings Papers on Economic Activity, 1981(1):67-127.
[26] KAPLAN S N, ZINGALES L.Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?[J]. Quarterly Journal of Economics, 1997,107(1):169-215.
[27] LAEVEN L.Does Financial Liberalization Reduce Financing Constraints?[J]. Financial Management, 2003,32(1): 5-34.
[28] LOVE I.Financial Development and Financing Constraints: International Evidence from the Structure Investment Model[J]. Review of Financial Studies, 2003,16(3):765-791.
[29] PETERSEN M.A.Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches[J]. Review of Financial Studies, 2009,22(1):435-480.
[30] RATTI R A, SEOL Y, YOON K H.Relative Energy Price and Investment by European Firms[J]. Energy Economics, 2011,33(5):721-731.
[31] 童盼,陆正飞.负债融资、负债来源于企业投资行为——来自中国上市公司的经验证据[J].经济研究,2005(5):75-84.
[32] 杨华,陈迅,田洪刚.资本结构与经营绩效非线性关系研究——来自中国能源行业上市公司的经验证据[J].财经论丛,2011(1):101-106.
[33] 彭程,刘星.负债融资与企业投资决策的互动关系:税收因素视角的实证研究[J].经济科学,2007(4):58-69.