增值税转型投资效应再评估——来自上市公司财务报表附注的证据  

Reassessment of Investment Effect of China's 2009 VAT Reform:Evidence from the Notes to the Financial Statements of Listed Companies

作　　者：张亦然 苑德宇[1] ZHANG Yiran;YUAN Deyu(School of International Trade and Economics,University of International Business and Economics,Beijing 100029,China)

机构地区：[1]对外经济贸易大学国际经济贸易学院,北京100029

出　　处：《中南财经政法大学学报》2018年第6期89-96,160,共9页Journal of Zhongnan University of Economics and Law

基　　金：对外经济贸易大学研究生科研创新项目"增值税全面转型效应研究"(2017047)

摘　　要：本文基于A股上市公司财务报表附注的数据,利用精确断点回归的估计方法,在控制省级固定投资项目总额的前提下,重新评估2009年增值税全面转型改革对企业固定资产投资的影响。结果显示,2009年增值税转型显著促进了上市公司的固定资产投资,增值税全面转型之后,上市公司的固定资产投资增加额增长了52%。进一步的异质性分析结果显示:从企业性质来看,增值税全面转型更多地促进了非国有企业的固定资产投资,对于国有企业固定资产投资的促进效果不明显;从企业所在的不同地区来看,增值税转型对于东部地区上市公司的固定资产投资促进作用较为明显,而对于中部和西部地区固定资产投资的促进作用不明显。Based on the data of the notes to the financial statements of A-share listed companies,this paper uses the accurate regression discontinuity design to reassess the impact of China’s 2009 VAT reform on fixed asset investment.The results show that China’s 2009 VAT reform significantly promoted the fixed assets investment of listed companies.After the reform of VAT,the fixed assets investment of listed companies increased by 0.52%.Further heterogeneity analysis show that China’s 2009 VAT reform promotes the fixed assets investment of non-state-owned enterprises,but the promotion effect of fixed assets investment of state-owned enterprises is not obvious.The promotion effect of VAT transformation on the fixed assets investment of listed companies in the eastern region is obvious,but it is not obvious to the central and western regions.

关 键 词：增值税转型 固定资产投资 再评估 投资收益 税制改革 

分 类 号：F812.42[经济管理—财政学]