增值税留抵退税政策对资本跨区域流动的影响——来自上市公司异地投资的证据  

The Impact of Value-Added Tax Retention and Refund Policies on Cross Regional Capital Flows:Evidences from the Remote Investment of Listed Companies

作　　者：李华[1] 谷兰娟 王爱爱 LI Hua;GU Lan-juan;WANG Ai-ai(Shandong University,Jinan 250100,China)

机构地区：[1]山东大学经济学院,山东济南250100

出　　处：《当代财经》2024年第11期42-56,共15页Contemporary Finance and Economics

基　　金：国家社会科学基金重大项目“共同富裕视角下培育内生动力解决相对贫困的长效机制研究”(23VRC035);国家自然科学基金项目“相对贫困的财税治理研究”(72073081)。

摘　　要：增值税留抵退税政策作为组合式税费支持政策的“重头戏”,是助企纾困的关键举措,对资本跨区域流动具有重要影响。为此,基于2018年增值税留抵退税政策的准自然试验,利用手工搜集的2014-2019年我国上市公司子公司注册地数据,实证分析增值税留抵退税政策如何影响资本跨区域流动。研究表明:增值税留抵退税政策促进了企业异地投资,有效地推动了资本跨区域流动。这种效应在非国有企业和高竞争程度行业的企业中更加明显,且对增值税留抵程度不同的企业均产生积极影响,在无留抵税额和低留抵规模的企业中作用更大。机制分析发现,增值税留抵退税政策主要通过缓解融资约束和弱化不确定性感知两种途径影响资本跨区域流动。因此,应持续优化增值税留抵退税政策,为企业异地投资创造更好的营商环境;精准实施税收扶持政策,提高政策支持靶向性;加强财政政策和金融政策的协同性,稳定市场发展预期。As the highlight of the combined tax and fee support policies,the VAT retention and refund is a key measure to help enterprises alleviate difficulties,which has an important impact on the cross regional flow of capital.To this end,based on a quasi natural experiment of the 2018 value-added tax retention and refund policy,this paper makes use of the manually collected data of the registered locations of the subsidiaries of listed companies in China from 2014 to 2019 to empirically analyze how the value-added tax retention and refund policy affects the cross regional capital flows.The findings show that the VAT retention and refund policy has promoted the investment of listed companies in other places and effectively promoted the cross regional flow of capital.This effect is more obvious in non-state-owned enterprises and enterprises in highly competitive industries,and it has a positive impact on enterprises with different levels of VAT retention and refund.This effect is stronger in enterprises with no tax retention and refund or lower scale of tax retention and refund.The mechanism analysis reveals that VAT retention and refund policy can impact across regional capital flows mainly by alleviating financing constraints and reducing the perception of uncertainty.Therefore,it is recommended to continuously optimize the VAT retention and refund policy to create a better business environment for enterprises to invest in other regions,precisely implement the tax support policies to improve the targeting of policy support,strengthen the synergy between fiscal and financial policies to stabilize the expectations of market development.

关 键 词：税收政策 增值税留抵退税 资本跨区域流动 企业异地投资 融资约束 

分 类 号：F812.42[经济管理—财政学]