摘要
党的二十大报告提出了“坚持把发展经济的着力点放在实体经济上”的政策要求,实体经济是立国之本和经济命脉所在,而制造业是实体经济的基础,是新发展格局下增强经济发展内生动力的核心力量。税收优惠和政府补助是财税政策的重要手段,对加快经济高质量发展,引导实体企业“脱虚向实”,夯实现代化经济体系建设根基具有重要意义。本文以企业金融化为因变量、以实体资产投资为中介变量,选取中国A股民营制造业上市公司2007—2021年数据作为样本,分析了税收优惠和政府补助对实体企业金融化的影响。结果显示,加大税收优惠和政府补助力度显著降低了实体企业金融化。进一步研究发现,财税支持政策通过增加实体企业实体资产投资进而降低实体企业金融化。据此,从脱虚向实、金融企业和财税激励视角提出适度激励政策,旨在为发挥政府治理效能、鼓励实体企业提升创新能力、大力发展数字经济、推进现代化产业体系建设提供有益参考。
The report of the 20th National Congress of the Communist Party of China put forward the policy requirement of adhering to the focus of economic development on the real economy.The real economy is the foundation of the country and the economic lifeline,while the manufacturing industry is the foundation of the real economy and the core force to enhance the endogenous power of economic development under the new development pattern.Tax incentives and government subsidies are important means of fiscal and taxation policies,which are of great significance for accelerating the high-quality development of the economy,guiding real enterprises to move away from virtuality to reality,and consolidating the foundation of the construction of a modern economic system.This paper takes corporate financialization as the dependent variable and real asset investment as the mediating variable,and selects the data of China’s A-share private manufacturing listed companies from 2007 to 2021 as a sample to analyze the impact of tax incentives and government subsidies on the financialization of real enterprises.The results show that increasing tax incentives and increasing government subsidies have significantly reduced the financialization of real enterprises.Further research has found that fiscal and taxation support policies reduce the financialization of real enterprises by increasing the investment in real assets of real enterprises.Based on this,from the perspective of de-virtualization,financial enterprises and fiscal and tax incentives,a moderate incentive policy is proposed to provide a useful reference for giving full play to the effectiveness of government governance,encouraging entity enterprises to enhance their innovation capabilities,vigorously developing the digital economy,and promoting the construction of a modern industrial system.
作者
王曙光
李贺
Wang Shuguang;Li He
出处
《海派经济学》
2024年第1期95-112,共18页
Journal of Economics of Shanghai School
基金
国家社会科学基金项目“‘双循环’新格局下新型城镇化高质量发展的动力机制及路径研究”(22BSH019)
哈尔滨商业大学博士研究生科研创新项目(YJSCX2022-729HSD)的阶段性成果
关键词
税收优惠
政府补助
企业金融化
脱虚向实
实体经济
Tax Incentives
Government Subsidies
Enterprise Financialization
From Virtual to Real
Real Economy
