减税降费政策背景下企业实际税费负担与债务融资行为

摘要/Abstract

摘要： 减税降费政策是减轻企业负担、激发市场活力的重要抓手，企业债务融资行为能够揭示微观主体的市场预期与风险积累，考察企业实际税费负担与债务融资行为之间的关系可以更好地评估减税降费的政策效应。本文以2010—2021年沪深A股上市公司为研究对象，考察企业实际税费负担对债务融资行为的影响。研究发现：①企业实际税费负担水平对新增债务融资规模有显著的负向影响，且政府信贷需求对非国有企业长期债务融资产生挤出作用，企业债务融资期限缩短，“短债长用”风险加剧。②机制分析表明，企业实际税费负担水平的降低主要通过风险承担效应与融资约束效应向股东和债权人传递积极信号，从而改善企业预期。③进一步研究发现，税费负担水平降低对企业新增债务融资行为的促进作用在金融发展程度更高地区企业、税收征管强度更低地区企业、高新技术企业及中小规模企业中更为显著。本文不仅为减税降费“组合拳”提供了企业债务融资行为方面的微观证据，同时，对进一步完善我国减税降费政策，促进经济高质量发展提供借鉴。

关键词: 减税降费, 实际税费负担, 债务融资, 债务期限结构

Abstract: Tax and fee reduction policies serve as a crucial instrument for easing corporate burdens and revitalizing market vitality. As an essential source of external financing, corporate debt issuance is a good reflection of the issuer' expectations and risk-taking behaviors, thereby providing a useful lens for assessing the micro-level effects of fiscal policy interventions. This study investigates how actual tax and fee burdens influence corporate debt financing decisions, using a panel dataset of A-share listed firms in Shanghai and Shenzhen from 2010 to 2021. The empirical results show three main findings. First, a decline in effective tax and fee burdens significantly increases firms' marginal debt financing, suggesting that fiscal relief stimulates external financing demand. However, this effect is accompanied by shorter debt maturities—particularly among non-state-owned enterprises—driven by the crowding-out effect of intensified government credit demand, which further exacerbates short-term borrowing for long-term investment. Second, the mechanism analysis reveals that lightened tax and fee burdens enhance firms' risk-taking capacity and alleviate financing constraints, jointly conveying positive signals to both equity and debt investors. Third, heterogeneity analysis indicates that the positive impact of tax relief on debt financing is more pronounced among firms located in regions with higher levels of financial development, in jurisdictions with weaker tax enforcement, and among high-tech and small-to-medium-sized enterprises. By linking firm-level financing behavior with fiscal policy incentives, this study provides new micro-level evidence on the behavioral responses of debt financing under China's tax-and-fee reduction framework. The findings offer meaningful implications for improving fiscal policy design and promoting high-quality economic development.

Key words: tax and fee reduction, actual tax and fee burdens, debt financing, debt maturity structure

唐丹彤, 赵亚轩, 张晓旭, 陈通. 减税降费政策背景下企业实际税费负担与债务融资行为[J]. 管理评论, 2026, 38(1): 195-207.

Tang Dantong, Zhao Yaxuan, Zhang Xiaoxu, Chen Tong. Corporate Debt Financing under Tax and Fee Reduction Policies: Evidence from Firms' Actual Tax and Fee Burdens[J]. Management Review, 2026, 38(1): 195-207.

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