Research On The Impact Of State Share Participation On The Tax Burden Of Private Enterprises

Since the 18th National Congress of the Communist Party of China,the reform of China’s financial and tax system has been continuously promoted,and the pace of building a modern market system has accelerated.At the same time,the problem of excessive corporate tax burden exposed in the process of deepening tax system reform has attracted high attention from society and academia.Existing research mainly focuses on measuring the level of corporate tax burden and the impact of factors such as industry,region,and corporate characteristics on corporate tax burden.In the context of mixed ownership reform,there is relatively little research on the impact of state-owned equity participation on the tax burden of private enterprises.Therefore,will the governance and resource effects generated by state-owned capital equity participation affect the tax burden of enterprises?How does the heterogeneity of financing constraints affect the level of corporate tax burden in an imperfect financial market?Under the policy background of encouraging state-owned capital to invest in non-state-owned enterprises in various ways,revealing the impact of "reverse mixed ownership reform" on private enterprises can provide empirical evidence for deepening mixed ownership reform.Based on the institutional background of state-owned capital participating in the "reverse mixed reform" of private enterprises,this article selects private enterprises in Shanghai and Shenzhen A-shares from 2009 to 2020 as research samples,proposes research hypotheses based on theories such as resource dependence and information asymmetry,and constructs a multiple regression model to explore the impact of state-owned equity participation on the tax burden of private enterprises.Research has found that:(1)State owned capital participation can reduce the tax burden on private enterprises,and the higher the shareholding ratio,the more significant the effect;(2)The higher the integration of state-owned and private equity,the smaller the tax burden on private enterprises.(3)Risk taking plays a mediating role between state-owned capital participation and the reduction of corporate tax burden.State owned capital equity participation and the reduction of corporate tax burden.State owned capital equity participation reduces the tax burden on enterprises by enhancing their risk-taking level and strengthening the management’s motivation to plan taxes to mitigate fluctuations in business performance;(4)Financing constraints have weakened the role of state-owned capital participation in reducing the tax burden on private enterprises.In companies with strong financing constraints,the resource relief effect brought by state-owned capital participation is less significant in reducing the tax burden on private enterprises.Further research has found that scale heterogeneity will have an impact on the relationship between state-owned capital equity participation and tax burden on private enterprises.Among private enterprises with small asset sizes,state-owned capital has a more significant effect on reducing tax burden.Based on the research findings,this article proposes that:(1)private enterprises should actively participate in mixed ownership reform,leverage the advantages of informal institutions,and make up for the limitations of non-state-owned capital in the market;(2)Promote tax preferential legislation,improve tax supervision mechanisms,and build a fair tax environment;(3)Assist enterprises in improving their risk-taking level,improving the efficiency of market resource allocation,and empowering national economic development;(4)Establish a sound financial system,reduce government market intervention,fully leverage the resource allocation role of the market,and create a fair financing environment.