增值税转型、产权特征与企业投资  

VAT Transformation,Property Characteristics and Corporate Investment

作　　者：倪婷婷[1] 李连军[1] NI Tingting;LI Lianjun(School of Accounting, Nanjing University of Finance & Economics, Jiangsu,Nanjing 210023, China)

机构地区：[1]南京财经大学会计学院,江苏南京210023

出　　处：《财经理论与实践》2017年第6期92-98,共7页The Theory and Practice of Finance and Economics

基　　金：国家自然科学基金(71072042;71272100);教育部人文社会科学青年项目(16YJC630090);江苏省社会科学基金(16GLC010);江苏高校哲学社会科学研究(2015SJB143);江苏高校品牌专业建设工程

摘　　要：以产权特征为视角,实证分析了增值税转型对不同企业的影响。研究发现:增值税转型增加了企业投资规模;国有企业投资规模显著高于民营企业;中央国企和地方国企投资均明显增加,二者差异在统计上不显著。政府干预程度较高地区的地方国企投资规模显著高于干预程度较低地区。此外,增值税转型使得国有企业长期回报率明显低于民营企业。Over these years,China has launched a number of major reforms in the shift to the value added tax.Existing literature studies the common effect of VAT transformation on investment,and there is no literature analyzing the difference of influence of VAT transformation.This study finds that fixed assets investment increase significantly during VAT transformation;Considering property nature,the fixed assets investment of state owned enterprises is significantly higher than that of private enterprises;Both central state owned enterprises and local state owned enterprises'fixed assets investment increase significantly,their difference is not statistically significant.Furthermore,we find that fixed assets investment of local SOE in higher intervention districts is significantly higher than that of lower intervention districts.In addition,long term return of SOE is significantly lower than that of private enterprises.

关 键 词：增值税转型 产权特征 企业投资 政府干预 双重差分 

分 类 号：F812.42[经济管理—财政学]