国有资本参股与民营企业税收规避

摘要/Abstract

摘要： 本文以2008—2019年中国A股民营上市公司为样本，实证研究了国有资本参股对民营企业税收规避的影响。研究发现，国有资本参股显著降低了民营企业避税程度，这一效应在金融业市场化水平较低、税收征管强度较高地区的企业中更加显著。机制分析表明，缓解民营企业融资约束是国有资本参股降低民营企业避税程度的重要途径。进一步检验发现，国有股权的比例较高时，对民营企业税收规避的抑制作用更显著。对经济后果的研究表明，国有资本参股弱化了避税对民营企业的负面影响，提升了企业价值。本文的研究从税收规避角度丰富了对国有资本参股民营企业的理论认识，为推进民营企业混合所有制改革提供了经验证据。

关键词: 混合所有制, 民营企业, 税收规避, 融资约束, 企业价值

Abstract: Using a sample of A-share listed private enterprises in China from 2008 to 2019, this paper studies the effect of state-owned capital on tax avoidance under the background of mixed ownership in private enterprises. The results show that the participation of state-owned capital reduces the level of tax avoidance in private enterprises, and the reduction is more significant in private enterprises registered in provinces with a lower level of financial marketization or a higher level of tax enforcement intensity. This paper also finds that state-owned capital reduces the level of tax avoidance via alleviating financial constraints of private enterprises. Further research shows that when the proportion of state-owned equity is higher, the reduction effect is more pronounced. Analysis on economic consequences shows that the participation of state-owned capital weakens the negative effect of tax avoidance on private enterprise and promotes firm value. This paper enriches the understanding of state-owned capital’s participation in private enterprises from the perspective of tax avoidance, and provides empirical support for the vigorous promotion of mixed ownership in private enterprises, which has important theoretical meaning and practical value.

Key words: mixed ownership, private enterprises, tax avoidance, financial constraints, firm value

钱爱民, 李婧妍, 吴春天. 国有资本参股与民营企业税收规避[J]. 管理评论, 2025, 37(4): 46-60.

Qian Aimin, Li Jingyan, Wu Chuntian. The Participation of State-owned Capital and Tax Avoidance in Private Enterprises[J]. Management Review, 2025, 37(4): 46-60.

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