“营改增”金字塔结构与企业研发投入  

作　　者：姚振晔[1] 钱晓东 

机构地区：[1]南京大学商学院

出　　处：《企业经济》2019年第5期116-125,共10页Enterprise Economy

基　　金：国家自然科学基金项目"隐性契约对中国公司治理的影响:理论与实证"(项目编号:713772032);国家自然科学基金项目"公司治理与政府行为--基于嵌入理论的解释与实证"(项目编号:71772085)

摘　　要：定量评估税收政策的效果,对发挥财税政策的结构性调节优势、加强不同宏观调控措施之间的协调,具有重要的现实意义。本文以中国2009-2015年A股上市企业为研究样本,探究了"营改增"改革对企业研发投入的影响,并检验企业金字塔结构特征对两者关系的调节作用。研究发现,"营改增"促进了企业的研发投入水平提高;金字塔结构特征会改变"营改增"对研发投入的政策效应,金字塔层级越多、两权分离度就越大,"营改增"的政策效应也越弱。通过进一步区分控制权性质发现,"营改增"的政策效应以及金字塔结构特征对政策效应的影响在非国有企业中显著,对国有企业无显著影响。最后提出,"营改增"新政对改善中国上市企业的研发投入现状发挥了预期作用,但具体实施效果受到企业金字塔结构特征的影响。To quantitatively evaluate the effect of tax policy has great practical significance to play the coordination effect of fiscal and taxation policies and strengthen the coordination between different macro-control measures. Using the samples of Chinese A-share listed companies from 2009 to 2015, this paper empirically tests the influence of the reform of replacing business tax with value-added tax on the R&D investment of enterprises, and tests the regulating effect of the characteristics of enterprise pyramid structure on the relationship between them. The study finds that the reform of replacing business tax with value-added tax has promoted the R&D investment, and the characteristics of pyramid structure will change the effect of the policy of replacing business tax with value-added tax on R&D investment. The more levels of pyramid, the greater the degree of separation of rights, and the weaker the effect of the policy of replacing business tax with value-added tax. Further study exploring the nature of property rights finds that after the reform of replacing business tax with value-added tax, the R&D investment in non-state-owned enterprises is significantly stronger than that in state-owned enterprises. Finally, it is proposed that the new policy of replacing business tax with value-added tax plays an expected role in improving the R&D investment of Chinese listed enterprises, but the specific implementation effect is influenced by the characteristics of enterprise pyramid structure.

关 键 词：“营改增” 研发投入 金字塔结构 产权性质 双重差分法 

分 类 号：F275[经济管理—企业管理]