间接税与企业的现金股利支付——基于增值税税率改革的研究  

Indirect Taxes and Corporate Cash Dividend Payout——Research Based on the Reform of Value-Added Tax

作　　者：刘行[1,2] 赵弈超 LIU Hang;ZHAO Yichao(Dongbei University of Finance and Economics,Tax Accounting Research Center,116025)

机构地区：[1]东北财经大学会计学院,116025 [2]东北财经大学税务会计研究中心,116025

出　　处：《财贸经济》2023年第8期38-55,共18页Finance & Trade Economics

基　　金：国家自然科学基金面上项目“中国制度背景下企业避税指标的若干基本问题研究”(72272025);国家自然科学基金面上项目“国有资本经营预算制度的未预期效应:理论分析与实证检验”(71772029);辽宁省“兴辽英才计划”青年拔尖人才项目(XLYC2007052)。

摘　　要：税收是企业股利政策的重要影响因素之一。然而,已有研究主要考察了以股息税为代表的直接税对企业股利政策的影响,却极少有研究探讨间接税对股利政策的影响。以中国自2017年开始实施的增值税税率改革为契机,本文考察了增值税税率改革对企业股利政策的影响。研究发现,增值税税率下调改变了企业的股利政策,显著提高了企业的现金股利支付。进一步,增值税对现金股利的影响在产品市场势力较强、投资机会较少、代理问题较少以及非融资约束的企业中更加显著。最后,机制检验的结果表明,增值税税率改革由于降低了企业的增值税税负,进而通过增强盈利能力和增加自由现金流两条路径提高了现金股利支付。本文的研究丰富了税收影响企业股利政策的相关文献,也拓展了增值税影响企业财务行为的研究成果,结论对不断深化的税制改革提供了参考和借鉴。Taxation will directly affect the distribution of cash flow and earnings among different stakeholders of a firm,and is expected to have a significant impact on the corporate dividend policy.Based on this,studying the impact of tax policies on corporate dividend payout has become an important subject of academic literature which,however,mainly investigates the impact of direct tax,represented by dividend tax,on corporate dividend policy,while pays little attention to the impact of indirect tax.Therefore,Dyreng and Maydew(2017)suggested that future tax research should pay more attention to the impact of indirect tax,and Feng et al.(2021)directly pointed out the lack of research on indirect tax and corporate dividend payout.In practice,different from the United States and other countries where direct tax is the main form of taxation,indirect tax represented by valueadded tax(VAT)constitutes the primary source of fiscal revenue in China and many other countries in the world.Moreover,tax policies not only directly affect the dividend payout,but also have a broad impact on investors'investment behavior.Therefore,it is of great practical significance to explore the impact of indirect tax on cash dividend payment against China's institutional background.Finally,the impact of direct tax and indirect tax on corporate cash dividend payout is logically different.Unlike the direct impact of dividend tax on corporate cash dividends,VAT indirectly affects corporate cash dividend payout through two paths:profitability and free cash flow.Based on this,we discussed the impact of indirect tax on corporate cash dividend payout in the context of the VAT reform.Specifically,the VAT reform implemented in China since 2017 has significantly reduced the VAT rate in industries such as manufacturing,while maintaining the same VAT rate in general service industries.Based on the quasi-natural experiment of the gradual implementation of the VAT reform policy at different times and in different industries,we used the differences-in-differences

关 键 词：间接税 增值税 股利政策 现金股利 增值税税率改革 

分 类 号：F275.4[经济管理—企业管理]