Research On The Impact Of Entity Enterprise Financialization On Tax Radicalization

In recent years,many real enterprises have adjusted their investment strategies and invested funds in the financial industry,increasing the proportion of financial assets in the total investment.The economic consequences have attracted widespread attention.However,in the academic circle,the relationship between enterprise financialization and tax radicalization is an urgent problem to be clarified.As the main source of a country’s fiscal revenue,the tax loss caused by tax radicalization affects many aspects such as social equity,economic order and national stability.The study of the relationship between the financialization of entity enterprises and enterprise tax radicalization is of great significance for promoting social equity and regulating macro economy.This paper mainly examines the relationship between the financialization behavior of real enterprises and the progress of enterprise tax incentives from the perspectives of theoretical analysis and empirical test.In the part of theoretical analysis,this paper first summarizes the relevant research status of scholars at home and abroad,and summarizes the influencing factors and economic results of enterprise financialization and tax radicalization.Secondly,it expounds and defines the concepts of entity enterprise financialization and tax radicalization,systematically analyzes the theoretical mechanism of entity enterprise financialization affecting enterprise tax radicalization based on effective tax theory,information asymmetry theory,principal-agent theory and reputation theory,and discusses the regulatory role of financing constraints and tax collection and management on the relationship between enterprise financialization and tax radicalization.In the empirical analysis part,this paper uses the fixed effect model,takes the relevant data of A-share non-financial listed companies in Shanghai and Shenzhen stock markets from 2012 to 2020 as the research sample,and tests the robustness of the model.On the basis of theoretical analysis and empirical research,the main conclusions are as follows:first,the financialization of real enterprises has a significant positive impact on the progress of tax incentives.Second,the higher the financing constraints faced by enterprises,the greater the positive impact of entity enterprise financialization on tax radicalization.Third,when enterprises face the lower intensity of tax collection and management,the greater the positive impact of entity enterprise financialization on tax radicalization.According to the research conclusions,the following suggestions are put forward from the perspective of the government:lock in tax radical enterprises according to the degree of financialization of real enterprises,strengthen the control of financial investment behavior of real enterprises,formulate tax incentive policies to improve enterprise liquidity,and improve the deferred tax payment system.