增值税税负、议价能力与企业“脱实向虚”  

Value-added Tax,Bargaining Power and Enterprises“from Real to Virtual”

作　　者：黄贤环 张娴婧 Huang Xianhuan;Zhang Xianjing(School of Accounting,Shanxi University of Finance and Economics,Taiyuan 030006,China)

机构地区：[1]山西财经大学会计学院,山西太原030006

出　　处：《外国经济与管理》2023年第5期84-100,共17页Foreign Economics & Management

基　　金：国家社科基金青年项目(21CGL011)。

摘　　要：选取2007—2020年沪深A股非金融和非房地产行业上市公司的样本数据,实证分析增值税税负、议价能力与实体企业“脱实向虚”三者之间的关系。研究发现:增值税税负降低能够显著抑制企业“脱实向虚”,同时对产业链总体(上游)议价能力弱的企业以及对下游议价能力强的企业在增值税税负降低时,能够更加显著地抑制企业“脱实向虚”。机制研究发现,增值税税负降低通过“实体投资效应”和“现金持有效应”的机制,进而抑制实体企业“脱实向虚”。进一步地,对总体(上游)议价能力弱的企业在增值税税负降低时,能够通过“现金持有效应”抑制企业“脱实向虚”;而对下游议价能力强的企业,则通过“实体投资效应”抑制企业“脱实向虚”。研究结论为进一步优化增值税改革,防范企业“脱实向虚”带来的风险,实现产业链稳定及经济可持续发展提供经验证据。This paper selects the data of Shanghai and Shenzhen A-share listed non-financial and non-real estate companies in China from 2007 to 2020,to empirically analyze the relationship between the VAT burden,bargaining power and enterprises “from real to virtual”.The results show that the reduction of VAT burden can significantly restrain enterprises “from real to virtual”.Meanwhile,for overall(upstream) enterprises with weak bargaining power or downstream enterprises with strong bargaining power,the reduction of VAT burden will more significantly restrain enterprises “from real to virtual”.Moreover,for enterprises with different bargaining power in the industrial chain,the mechanism of the VAT burden restraining enterprises “from real to virtual” is also heterogeneous.The contributions of this paper are as follows:(1) In the context of different bargaining power at different levels of the industrial chain,it examines the impact of VAT burden on enterprises “from real to virtual”,and expands the economic consequences of VAT burden and the theoretical research on the influencing factors of enterprises “from real to virtual”.(2) It explores the role path of VAT burden on enterprises “from real to virtual”,which reveals the deeper logic of the relationship between the VAT burden and enterprises “from real to virtual”.(3) It identifies the differences in the relationship between the VAT burden and enterprises “from real to virtual”,and the heterogeneity of the mechanism,which is helpful for a more comprehensive understanding of the relationship between them.(4) It provides empirical evidence at the micro level for a series of VAT policies in China to improve the imbalance between the real economy and the virtual economy.

关 键 词：增值税税负 议价能力 脱实向虚 实体投资 产业链 

分 类 号：F270[经济管理—企业管理]