降税对中小企业金融资产配置的抑制效应研究

以2007—2019年我国中小板上市公司为样本，实证分析降低税负对中小企业金融资产配置的抑制效应。研究表明，降低税负能够有效抑制中小企业金融资产的配置；随着减税降费的推进，税负的抑制作用更为高效，中小企业金融资产配置呈显著的加速下降趋势。然而，对资金超募企业和规模较大企业的抑制作用不明显。由此，继续落实减税降费政策，增强对中小企业转型发展的精准支持，加强对实体经济金融化的精准监管，是抑制中小企业金融资产配置，聚力主业经营的可行路径。

Research on the Restraining Effect of Reducing Tax Burden on Financial Asset Allocation of SMEs

Taking the listed companies of China''s SME board from 2007 to 2019 as samples, this paper empirically analyzes the inhibitory effect of tax burden reduction on financial asset allocation of SMEs. The research shows that reducing the tax burden can effectively restrain the allocation of financial assets of SMEs; with the promotion of tax reduction and fee reduction, the restraining effect of tax burden is more efficient, and the allocation of financial assets of SMEs shows a significant accelerating downward trend. However, it has no obvious inhibitory effect on the over raised capital enterprises and large-scale enterprises. Therefore, to continue to implement the tax reduction and fee reduction policy, enhance the precise support for the transformation and development of SMEs, and strengthen the precise supervision of the real economy financialization are the feasible paths to restrain the allocation of financial assets of SMEs and concentrate on the main business operation.