摘要
留抵退税是降低企业税负的重要举措,而这一举措能否抑制由于虚拟经济与实体经济的利差扩大所导致的“脱实向虚”风险,不仅事关企业高质量发展的实现,更关系到宏观经济平稳可持续发展。文章以财税[2018]70号文的出台为准自然实验,选取我国A股上市公司2016年第1季度至2019年第1季度的数据,通过构建双重差分模型,实证检验了增值税期末留抵退税政策对实体企业金融化的影响。研究发现,增值税期末留抵退税政策通过“现金流效应”和“主业投资效应”两条路径,削弱了金融化的预防储蓄动机和逐利动机,进而抑制了实体企业金融化。进一步研究发现,增值税期末留抵退税政策对实体企业金融化的抑制作用在非国有企业、融资约束程度较高的企业、金融与法制环境较好地区的企业更明显。研究结论为进一步优化增值税减税政策和防范化解微观层面“脱实向虚”风险、实现“六稳”“六保”目标提供必要的经验证据。
Building a safe bottom line to prevent systemic financial risks is one of China’s key economic work. In order to restrain enterprises from “shifting from real to virtual”, China has successively issued a series of policies, among which end-of-period tax credit for VAT is an important policy, and a reasonable evaluation of the effectiveness of the end-of-period tax credit for VAT policy is an important starting point for better optimizing and adjusting the reform policy of VAT. Then, will the cash flow brought by the end-of-period tax credit for VAT policy promote the development of its main business and inhibit its financialization? In view of this, this paper selects the data of China’s Shanghai and Shenzhen A-share non-financial listed companies from the first quarter of 2016 to the first quarter of 2019, takes the introduction of Caishui[2018]No. 70 as the standard natural experiment, and builds a DID model to investigate how the end-of-period tax credit for VAT policy affects the financialization of entity enterprises, so as to clarify the mechanism of action between the two and the relationship in different situations.The results show that, as an important measure of China’s “cutting taxes and fees” policy, the end-of-period tax credit for VAT policy will effectively restrain enterprises from “shifting from real to virtual”. Meanwhile, property rights, financing constraints, financial environment, and legal environment will have an impact on the effect of end-of-period tax credit for VAT policy on corporate financialization.The research contributions of this paper are as follows:(1) From the new perspective of endof-period tax credit for VAT policy, it investigates the governance measures of the financialization of entity enterprises, enriches the research on the influencing factors of the financialization of entity enterprises, and expands the research on the economic consequences of end-of-period tax credit for VAT policy.(2) It explores two paths for the end-of-period tax credit for VAT policy to inhibit the financialization degree of entity enterprises through “cash flow effect” and “main business investment effect”, which helps to reveal the deeper logic of the relationship between end-of-period tax credit for VAT and the financialization of entity enterprises.(3) It examines the regulatory role of the internal and external environment such as the nature of property rights of entity enterprises, the degree of financing constraints, the degree of inclusive finance and the legal environment in the relationship between end-of-period tax credit for VAT and “shifting from real to virtual”, which provides micro-level empirical evidence for the government to deal with“shifting from real to virtual” of enterprises more accurately.(4) Based on the policy governance effect of end-of-period tax credit for VAT, it provides a reference for improving the structural imbalance between the real economy and the virtual economy.
作者
黄贤环
杨钰洁
Huang Xianhuan;Yang Yujie(School of Accounting,Shanxi University of Finance and Economics,Shanxi Taiyuan 030006,China)
出处
《上海财经大学学报（哲学社会科学版）》
CSSCI
北大核心
2022年第3期31-44,共14页
Journal of Shanghai University of Finance and Economics
基金
国家社科基金青年项目“增值税多维减税治理企业脱实向虚的效果与作用机理研究”(21CGL011)。
关键词
留抵退税
金融化
脱实向虚
减税降费
增值税
end-of-period tax credit for VAT
financialization
shifting from real to virtual
cutting taxes and fees
VAT
