增值税留抵退税政策与企业盈余管理  

Value-added Tax Rebate Policy and Corporate Earnings Management

作　　者：黄惠琴[1] 徐子晴 余威 HUANG Hui-qin;XU Zi-qing;YU Wei(Faculty of Business,Ningbo University,Ningbo 315211,China)

机构地区：[1]宁波大学商学院,浙江宁波315211

出　　处：《宁波大学学报（人文科学版）》2023年第4期107-116,共10页Journal of Ningbo University：Liberal Arts Edition

基　　金：浙江省自然科学基金项目“大数据税收征管、对外直接投资和企业避税”(LY22G020002)。

摘　　要：以国家2018年实施的“财税〔2018〕70号”文件为准自然实验,构建双重差分模型实证检验增值税留抵退税政策对企业盈余管理的影响。研究发现,增值税留抵退税政策显著抑制了企业的盈余管理,这一结论经过平行趋势分析、安慰剂检验、倾向得分匹配和更换被解释变量等检验后依然成立。机制检验发现,增值税留抵退税政策通过降低管理层的盈余操纵动机和压缩管理层的盈余操纵空间发挥作用。拓展检验发现,增值税留抵退税政策抑制盈余管理的作用在民营资本控股、高科技行业和税收征管强度低的企业中更加明显。结论从理论上拓展增值税留抵退税政策影响企业会计信息质量的范畴,从实践上提供政府持续推进增值税留抵改革的建议。Based on the No 70 document issued by Ministry of Finance of PRC in 2018 as a natural experiment,this paper constructs a difference-in-difference model to empirically examine the impact of the VAT rebate on corporate earnings management.Our results show that VAT rebate policy significantly restrict corporate earnings management,and results are persistent after series of robustness tests including parallel trends,placebo test,propensity score matching,and re-measurement of key variables.Channel analysis reveals that earnings management motivation palliation and opportunity compression are two possible mechanisms through which VAT rebate policy works.Results in additional tests show that the effect of VAT rebate is more significant in firms with private capital holdings,high-tech industries,and less tax administration.The conclusion of this paper expands the theoretical research on the corporate governance effect of the VAT rebate policy,and also provides recommendations to the government for continuous implementation of the VAT reform.

关 键 词：增值税留抵退税 盈余管理 双重差分模型 

分 类 号：F275[经济管理—企业管理]