财政补贴、税收与公司投资行为

为了增强本地区公司的市场竞争能力,实现地区利益的最大化,各级政府对本地区公司实行了财政干预包括税收政策措施,这种干预必然会对公司的投资行为产生影响.本文建立了一个公司投资行为模型,研究财政补贴和税收对公司投资行为产生的影响.研究结果表明,当财政补贴小于长期负债时,财政补贴能够抑制公司的过度投资行为,但投资不足的趋势会增强,而减税能够抑制公司投资不足;当财政补贴大于长期负债时,财政补贴和减税都能减少公司的投资不足.

Financial Subsidies, Taxation, and the Firms' Investment Behavior

In order to strengthen the market competitive power of the company of this area,and realize the maximization of regional interests,the governments intervene in the company of these area including finance and taxation policies.This kind of intervention will inevitablely exert an influence on the investment behavior of the company.This paper has set up a simple investment behavior model to research financial subsidies and taxation impacting company's investment behavior.The results of study show that the subsidy can suppress the overinvestment behavior of the company when subsidy is smaller than the long-term debt,but the trend of under-investment will be strengthened,and it can create an offsetting under-investment to derate;When subsidy is greater than the long-term debt,subsidy and derating can create an offsetting under-investment.