Research On Enterprise Financialization And Executive Income Share

In recent years,China’s economy has faced greater development pressure,coupled with the impact of the covid-19 epidemic,which has placed a heavy burden on enterprises.The state has also implemented a series of "tax reduction and fee reduction" policies,but after the implementation of these policies,the tax burden level of Chinese enterprises is still high,and the perception of enterprises is limited.This research believes that the strengthening of tax collection and management is an important reason for the decline of enterprise performance.This research takes the "Golden Tax Phase Ⅲ" project as the research object to investigate the impact of strengthening tax collection and management on enterprise performance and explore the corresponding mechanism.On the basis of existing literatures,this research,based on the data of all A-share listed companies from 2008 to 2016,avoids the endogenous problem of tax collection and management measurement by constructing a multi-stage progressive double difference model,and finally comes to the following conclusions:First,the implementation of the "Golden Tax Phase Ⅲ" project has significantly reduced the level of enterprise performance,and passed the corresponding robustness test.At the same time,this conclusion has also been verified by PSM-DID and parallel trend test,and after excluding the impact of the tax preferential policy of "replacing business tax with value-added tax",it is still found that the strengthening of tax collection and management will significantly reduce the level of enterprise performance.Second,in the heterogeneity analysis,this research finds that the performance level of non-state-owned enterprises declined slightly more than that of state-owned enterprises.This may be because the tax compliance of state-owned enterprises is higher than that of non-state-owned enterprises.Therefore,the strengthening of tax collection and management has led to a higher degree of impact on non-state-owned enterprises with low compliance.At the same time,it has also found that enterprises with higher income inequality and higher financing constraint level also have a greater degree of performance decline,At the same time,the results of tax heterogeneity also show that the higher the tax collection and management of the IRS and the heavier the actual tax burden,the higher the impact of tax collection and management on its performance level.Third,the analysis of the mechanism of action shows that the strengthening of tax collection and management directly reduces the profit level of enterprises,and is the main channel for tax collection and management to affect the performance of enterprises;At the same time,the implementation of the "Golden Tax phase Ⅲ" has significantly reduced the new investment level and total factor productivity of enterprises,thereby reducing the performance level of enterprises,but it has no significant impact on the labor factor input of enterprises,nor will it reduce the performance of enterprises;At the same time,this research also finds that the "Golden Tax phase Ⅲ" project has a governance effect,which improves corporate governance and corporate performance to a certain extent.The research is of great significance to comprehensively understand the performance of enterprises under the background of continuous strengthening of tax collection and management.Through empirical analysis,the study of the impact of strengthening tax collection and management on enterprise performance and the corresponding mechanism not only enriches the relevant literature on tax and enterprise performance,but also is a beneficial supplement to the literature on the economic effect of "tax reduction and fee reduction".At the same time,the study of this research is helpful to explain the heavy tax burden of enterprises and the specific mechanism of tax burden affecting enterprises.It provides some reference for further promoting the reform of the tax system and reducing the burden of enterprises.