Solutions to the Financing Difficulties in Chinese Enterprises: From the Perspective of Tax Reduction

MAO De-feng; PENG Fei

Volume 35 Issue 1

May 2021

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Article Navigation > Journal of Guangdong University of Finance & Economics > 2020 > 35(1): 87-100, 112

MAO De-feng, PENG Fei. Solutions to the Financing Difficulties in Chinese Enterprises: From the Perspective of Tax Reduction[J]. Journal of Guangdong University of Finance & Economics, 2020, 35(1): 87-100, 112.

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MAO De-feng, PENG Fei. Solutions to the Financing Difficulties in Chinese Enterprises: From the Perspective of Tax Reduction[J]. Journal of Guangdong University of Finance & Economics, 2020, 35(1): 87-100, 112.

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Solutions to the Financing Difficulties in Chinese Enterprises: From the Perspective of Tax Reduction

MAO De-feng¹,
PENG Fei²

1.
School of Business, Anhui University, Hefei 230601
2.
School of Economics, Hefei University of Technology, Hefei 230009, China

Received Date: 2019-09-07
Available Online: 2021-05-15
Publish Date: 2020-01-28

Abstract

Abstract

Financing constraint is an important bottleneck, which has restricted the transformation and upgrading of Chinese enterprises. Whether tax reduction can effectively alleviate financing constraint of enterprises is directly related to the quality of China's economic development. Based on a natural experiment of corporate income tax reform by unifying the tax rates in 2008, and the micro data of China's industrial enterprises from 2005 to 2012, this paper explores the effect of tax reduction on the financing constraints of enterprises by DID identification. The results revealthat tax reduction has effectively alleviated the financing constraint of domestic enterprises; the higher the initial tax burden of enterprises, the more the tax reduction effect will be; the effect of tax reduction on non-state-owned enterprises is highly significant, but on stateowned enterprises being less significant due to ownership advantages. The effect is universal by region, but the effect is more significant in the western region. From the perspective of corporate heterogeneity, the effect of tax reduction is more significant on the start-up, small and medium-sized enterprises. This paper not only provides a new micro-foundation for further understanding the impact of tax reduction on financing constraint, but also provides an inspiration for promoting the corporate income tax reform and responding to international tax reduction.
- state-owned enterprise,
- small and medium-sized enterprises,
- financing difficulties,
- corporate income tax,
- tax reduction,
- tax reduction effect,
- financing constraint,
- DID

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References(38)

References

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