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jian shui jiang fei jiang di liao qi ye zhai wu rong zi cheng ben ma
Author(s): 
Pages: 26-31
Year: Issue:  24
Journal: Finance and Accounting Monthly

Keyword:  减税降费债务融资成本市场化程度产权性质;
Abstract: 以2014~2018年沪、深A股上市公司6765个样本为研究对象,发现减税降费可以在一定程度上降低企业的债务融资成本。从作用机制上看,减税降费可以增加企业现金流量、降低企业费用支出和金融化动机,并且可以提升企业的劳动生产率,进而降低债务融资成本。此外,研究还发现,位于市场化程度较高地区的企业对减税降费措施更为敏感,这种现象在国有企业中更加明显。
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