增值税留抵退税政策对企业资产结构的影响  

Influence of VAT Credit Refunds on Enterprises ’ Asset Structure

作　　者：李光龙[1] 谭茜 LI Guanglong;TAN Qian(School of Economics,Anhui University,Hefei 230031,China)

机构地区：[1]安徽大学经济学院,安徽合肥230031

出　　处：《北京邮电大学学报（社会科学版）》2023年第2期78-89,共12页Journal of Beijing University of Posts and Telecommunications(Social Sciences Edition)

基　　金：安徽省哲学社会科学规划重点项目(AHSKZ2019D018)。

摘　　要：基于2017第一季度到2019年第四季度中国A股上市公司数据,以财税[2018]70号文为准自然实验构建双重差分模型,检验了留抵退税政策对企业资产结构的影响。研究发现,留抵退税政策通过降低企业融资约束和促进主业投资的路径提升了企业固定资产比率。进一步考察发现,留抵退税政策对非国有企业、大规模企业、成熟期企业固定资产占比提升的影响更加明显。根据结论,提出了适当降低对小微企业和初创企业的留抵退税要求、进一步提高退税效率、防范骗税风险和鼓励劳动密集型企业吸纳更多就业等相关建议。The policy of VAT(value-added tax)credit refunds makes VAT more neutral,which has an important impact on the optimization of the asset structure of Chinese enterprises.Based on the data of China’s A-share listed companies from the first quarter of 2017 to the fourth quarter of 2019,a DID(Differences-in-Differences)model on the quasi-natural experiment of Fiscal and Tax[2018]70 in China is built to test the impact of VAT credit refunds on enterprises’asset structure.It is found that VAT credit refunds improves the ratio of enterprises’fixed assets by reducing financing constraints and promoting the investment of main industries.Further investigation shows that the policy increases the proportion of fixed assets of non-state-owned enterprises,large-scale enterprises and mature enterprises more obviously.According to the conclusion,suggestions are put forward such as appropriately reducing the VAT credit refunds requirements of small and micro enterprises and startups,further improving tax refund efficiency,guarding against the risk of tax fraud and encouraging labor-intensive enterprises to provide more jobs.

关 键 词：留抵退税 资产结构 双重差分模型 增值税 

分 类 号：F810.42[经济管理—财政学]