摘要
基于我国"营改增"改革的外生性事件,本文从企业资产投资提供的"非债务税盾"视角出发,探索性地研究了"营改增"政策对企业资本结构的影响。结果表明,"营改增"政策提高了企业固定资产投资以及研发投资的积极性,由企业资产投资构成的"非债务税盾"显著降低了企业的债务水平,该发现符合"非债务税盾"与资本结构之间存在"替代效应"的理论预期。与未接近"税收耗损状态"的企业相比,"营改增"政策实施之后的"替代效应"在接近"税收耗损状态"的企业中更为明显,验证了"税收耗损状态"假说。考虑到非国有企业的税收敏感性要强于国有企业,"营改增"政策实施之后的"替代效应"以及"税收耗损状态"假说在非国有企业中更为显著。进一步区分债务期限结构后发现,"营改增"政策显著降低了企业的长期债务水平,而对短期债务的影响并不明显。本文的研究结论不仅提供了"非债务税盾"与资本结构之间"替代效应"的新证据,还发现企业产权性质对资本结构选择的重要影响。
Institutional environment is an important factor influencing capital structure.Based on the reform to replace the business tax with a value-added tax,this paper seeks to explore how the reform affects capital structure from the perspective of no-debt related tax shields.Empirical results suggest that the reform to replace business tax with a value-added tax has decreased interest-bearing debt significantly,especially for firms which are almost in a tax exhaustion status.Compared with state-owned enterprises,the non-state-owned firms are more obviously affected by the reform,giving stronger empirical support to the hypothesis of tax exhaustion status.Additionally,the results above are more pronounced in long-term interest-bearing debt.However,short-term interest-bearing debt does not show the same results.Our results not only provide new evidence on substitution effect between no-debt related tax shields and capital structure,but also suggest that the ownership of the firms affects the choice of capital structure.
作者
姚宇韬
王跃堂
YAO Yutao;WANG Yuetang
出处
《南京师大学报（社会科学版）》
CSSCI
北大核心
2019年第1期130-143,共14页
Journal of Nanjing Normal University(Social Science Edition)
基金
国家自然科学基金项目面上项目(71672082)
国家自然科学基金项目青年项目(71602085)
江苏省社会科学基金项目(15EYC005)资助
关键词
“营改增”政策
资本结构
非债务税盾
税收耗损状态
产权性质
business tax replaced with VAT reform
capital structure
no-debt related tax shields
tax exhaustion status
ownership
