“营改增”、税负转嫁能力与企业投资价值相关性  

Replacing Business Tax with VAT,Tax Shifting Capability and Value Relevance of Corporate Investment

作　　者：钱晓东 QIAN Xiao-dong(Nanjing University, Nanjing 210093, China)

机构地区：[1]南京大学管理学院,江苏南京210093

出　　处：《当代财经》2018年第6期113-123,共11页Contemporary Finance and Economics

基　　金：国家自然科学基金项目"政府管制;市场机制与公司行为:基于股票发行注册制改革的研究"(71672082);国家自然科学基金项目"地方国企改革的路径选择和经济后果研究"(71602085);江苏省社会科学基金项目"江苏低碳经济发展新路径研究"(15EYC005)

摘　　要：以2011—2015年间中国沪深A股上市公司为研究对象,在理论分析的基础上实证检验了"营改增"政策对企业投资价值相关性的影响,并进一步探讨企业税负转嫁能力对两者关系的调节作用。研究发现:"营改增"整体上促进了企业投资价值相关性,企业的税负转嫁能力越强,"营改增"促进企业投资价值相关性的效应越显著;区分控制权性质后发现,与国有企业相比,"营改增"显著促进了非国有企业的投资价值相关性,且企业税负转嫁能力对两者关系的调节作用只在非国有企业中显著。研究结论表明"营改增"对资本市场资源配置效率具有优化作用,为政府完善后续政策提供了经验支持。Taking the A-share listed companies in China＇s Shanghai and Shenzhen stock markets from 2011 to 2015 as the research objects, this paper conducts an empirical test on the impact of the＂replacing business tax with VAT＂ policy on the value relevance of corporate investment on the basis of a theoretical analysis, and then it further discusses the regulating effect of enterprises＇ tax shifting ability on the relationship between the two. The findings show that the＂replacing business tax with VAT＂ policy has promoted the value relevance of corporate investment on the whole, and the stronger the tax shifting ability of enterprises, the more significant the effect of＂replacing business tax with VAT＂on the value relevance of corporate investment will be. After distinguishing the nature of control power, it is found that compared with the state-owned enterprises, the＂replacing business tax with VAT＂ has significantly promoted the value relevance of the investment made by non-state-owned enterprises, and the regulation effect of the tax shifting ability of enterprises on the relationship between the two is significant only in non-state-owned enterprises. The conclusions of the study indicate that the＂replacing business tax with VAT＂has an optimizing effect on the efficiency of resource allocation in the capital markets, which can provide experience support for the government to improve the follow-up policies.

关 键 词：营改增 税负转嫁能力 投资价值相关性 控制权性质 

分 类 号：F275.5[经济管理—企业管理]