减税降费与企业价值——来自上市制造业企业的证据  

Tax/Fee Reduction and Corporate Value——Based on the Evidences from the Listed Manufacturing Enterprises

作　　者：杨森平[1] 刘晓瑛 YANG Senping;LIU Xiaoying

机构地区：[1]暨南大学经济学院

出　　处：《税务研究》2020年第8期11-18,共8页

基　　金：2019年国家税务总局“减税降费研究”重大项目“制造业减税政策效应分析”(项目编号:2019ZD04);2019年广东省财政科研课题“减税减费政策对广东影响分析”(课题编号:201902GXT07S001)的阶段性研究成果。

摘　　要：本文以2019年3月21日发布《关于深化增值税改革有关政策的公告》和2019年5月1日正式执行《降低社会保险费率综合方案》为政策背景,通过事件研究法,测算上市制造业企业在政策执行前后的收益率变化,以此研究减税降费政策对制造业企业价值的影响。研究发现,减税降费政策对样本企业的收益率有提升作用,且中低技术制造业企业与广东、浙江以外地区制造业企业的收益率提升幅度更大。基于研究结果,本文建议持续实施减税降费政策,做好政策落实工作;有针对性、分地区设计高技术制造业税收优惠政策,并允许社会保险费费率上调地区平稳过渡,增强制造业企业在减税降费中的"获得感"。Through the event study,this paper measures the changes in the rate of return of the listed manufacturing enterprises before and after the implementation of the policies against the background of the Announcement on the Policies Concerning the Deepening of Value-Added Tax Reform issued on March 21,2019 and the implementation of the Comprehensive Plan for Lowering Social Insurance Fee Rates as of May 1,2019 to study the impact of tax/fee reduction policies on the values of the manufacturing enterprises.The paper argues that the tax/fee reduction policies can increase the profitability of the sample enterprises,and this is more significant in the profitability of the low-and-medium-tech manufacturing enterprises and the manufacturing enterprises outside Guangdong and Zhejiang Provinces.On this basis,the paper proposes to continue to implement the tax/fee reduction policies further,the tax incentives for high-tech manufacturing should be designed in a targeted and regional manner,and the regions increasing social insurance fee rates should be allowed to have a smooth transition to strengthen the sense of gain of the manufacturing enterprises.

关 键 词：减税降费 企业价值 制造业 税收优惠 

分 类 号：F812.42[经济管理—财政学] F425