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| A Research on the Impact of Transfer Payment on Corporate Tax Burden——Based on the Perspective of Local Strategic Tax Collection under the Background of Information Asymmetry |
| Hu Hongshu Mei Siyu |
| (School of Public Finance and Taxation， Zhongnan University of Economics and Law， Wuhan 430073) |
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Abstract Based on the financial data of all A-share listed companies in the stock markets of Shanghai and Shenzhen from 2008 to 2017 and the regional fiscal and economic data， this paper studies the effect of central transfer payment on the effective tax rate of enterprises. It find that the central transfer payment provides an opportunity for collusion between local governments and enterprises. For the purpose of keeping local interests， the local governments have an incentive to lower the effective tax rate by reducing tax effort. Besides， the heterogeneity test finds that the substitution effect of central transfer payment has the most significant impact on local state-owned enterprises， which indicates that the “fatherhood” of local governments makes them more motivated to collude with local state-owned enterprises. Meanwhile， the substitution effect of transfer payment on tax efforts is affected by factors like anti-corruption effort， local financial pressure， scale of zombie enterprises and regional economic development level. By analyzing the strategic behaviors of local governments under the background of information asymmetry between central and local governments， this paper puts forward the influence mechanism of central transfer payment on effective tax rate from the perspective of government and enterprise collusion， which enriches relevant researches on the interaction between local tax efforts and central transfer payment.
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Received: 23 September 2021
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2021, Vol. 60 
