增值税进项留抵、现金流挤占与企业融资成本上升——基于2015税源调查数据的实证检验  

Remained VAT Input Tax for Deduction,Crowding Out Cash Flow and Corporate Financing Costs:An Empirical Test Based on 2015 Tax Source Survey Data

作　　者：解洪涛[1] 张建顺[1] 王伟域 XIE Hong-tao;ZHANG Jian-shun;WANG Wei-yu

机构地区：[1]中南财经政法大学财政税务学院 [2]国家税务总局税务干部进修学院

出　　处：《中央财经大学学报》2019年第9期3-12,共10页Journal of Central University of Finance & Economics

基　　金：国家社会科学基金项目“中小企业减税效果评估与政策优化——基于全国税源调查数据的研究”(项目编号:19BJY232);国家社会科学基金项目“区域异质性下中国县级政府偿债能力与举债空间测算研究”(项目编号:16BJY153)

摘　　要：长期以来,基于增值税税负转嫁理论,增值税对企业财务和经营状况影响的研究并未得到重视。笔者指出增值税进项和销项税额的期限错配实际形成了大量增值税进项留抵税额,这挤占了企业现金流量,并提高了企业融资成本--利息负债比。进一步,笔者采用2015年的全国税源调查数据检验了这一影响机制,对于全部制造业企业而言,留抵税额营业收入比与利息债务比弹性为0.154,由于中小企业融资约束和发展的需要,相对大企业和微型企业而言,留抵税额对小企业融资成本的提高远远大于大型企业,留抵税额营业收入比与融资成本之间的弹性为0.36。研究说明当前增值税留抵税额退税改革对缓解小企业经营现金流压力,降低小企业融资成本更具效果。For a long time,based on the theory of VAT transferring,the research of its impact on corporate finance and operation performance has not been paid enough attention.This paper points out that the corporate will accumulate a large amount of VAT input tax remained for deduction due to maturity mismatch of VAT input and output tax,which accounts for the company’s cash flow pressure and increases the corporate financing cost,that is,the ratio of interest-to-debt.Further,this mechanism was tested using the 2015 national tax source survey data.For all manufacturing enterprises,the elasticity coefficient of input tax-revenue ratio for interest-to-debt ratio is 0.154.Due to the constraint of small enterprise financing and growth,compared with large enterprises and micro-enterprises,the remained input tax on the financing cost for small enterprises is much higher than that of large enterprises.The elasticity coefficient of the input VAT-operating income ratio on the financing cost is 0.36.The results show that the current reform of rebating remained input tax will be effective to alleviate the pressure of operation cash flow and to reduce the financing costs for small enterprises.

关 键 词：增值税进项税留抵 现金流挤占 企业融资成本 税源调查数据 

分 类 号：F812[经济管理—财政学]