【摘要】 加快企业结构性去杠杆、保持宏观杠杆率基本稳定是政策制定者和学界共同关注的重大问题。本文利用中国工业企业数据和全国税收调查数据，构建断点回归和双重差分模型，考察税收征管对企业资本结构的因果效应及潜在机制。研究发现：(1)税收征管对企业资本结构存在显著而稳健的正向效应，且这一效应在国有企业、西部和东部地区企业、融资约束和税务风险更高的企业中表现得更加明显。(2)机制检验发现，税收征管通过减少企业税收规避及现金流和调整债务期限结构等潜在途径作用于资本结构。(3)拓展分析发现，税收征管显著增加了企业的短期杠杆率，加剧了“短贷长投”,从而导致了投融资期限错配。本文结论对于当前的税制改革和宏观杠杆率的基本稳定具有重要启示。更多还原

【Abstract】 Accelerating the structural deleveraging of enterprises and maintaining the basic stability of macro leverage ratio are major issues of common concern to policy makers and academia.Based on the data of China’s industrial enterprises and the national tax survey, this paper constructs regression discontinuity design and difference in differences models to investigate the causal effect and potential mechanism of tax collection and management on the capital structure of enterprises.The research finds that:(1)tax collection and management has a significant and steady positive effect on the capital structure of enterprises, and this effect is more obvious in state-owned enterprises, enterprises in Western and eastern regions, enterprises with higher financing constraints and tax risks.(2)The mechanism test found that tax collection and management played a role in the capital structure by reducing the cash flow of enterprises and adjusting the debt maturity structure.(3)The expansion analysis found that tax collection and management significantly increased the short-term leverage ratio of enterprises, aggravated“short-term loans and long-term investments”,resulting in the mismatch of investment and financing terms.The research in this paper has good enlightenment for the current tax system reform and the basic stability of macro leverage ratio.更多还原