税负转嫁能力对“营改增”政策效应的影响——基于现金—现金流敏感性视角的检验

发布时间：2018-05-24 20:18

本文选题：“营改增” + 税负转嫁能力　；参考：《中国工业经济》2017年06期

【摘要】：由于增值税具有易于转嫁的性质,企业能获得的"营改增"政策红利程度与其自身税负转嫁能力密切相关。本文首先基于新制度经济学中的交易费用理论阐述了"营改增"对现金—现金流敏感性的作用机理,并以供应商议价能力和客户议价能力作为企业税负转嫁能力的衡量指标,通过公式推导分析了税负转嫁能力对"营改增"政策效应的影响;其次基于现金来源与运用的约束,采用系统方程考察了"营改增"的政策效应以及税负转嫁能力对"营改增"政策效应的影响;最后对不同产权性质、不同行业类型企业的政策效应差异进行了研究。结果表明:"营改增"能有效降低企业的现金—现金流敏感性,改善企业现金持有状况;税负转嫁能力会改变"营改增"对现金—现金流敏感性的政策效应,税负转嫁能力越强,"营改增"政策效应越强;"营改增"的政策效应及税负转嫁能力对政策效应的影响在非国有企业和其他现代服务业企业中显著;在考虑"营改增"对现金—现金流敏感性的影响时应综合考虑其他与现金流相关项目的作用。本文的研究结论为政府后续宏观政策及时调整和补充提供了有效实证证据和结论。
[Abstract]:Because VAT is easy to pass on, the degree of policy dividend that enterprises can obtain is closely related to their ability to transfer tax burden. Based on the transaction cost theory in the new institutional economics, this paper first expounds the mechanism of the sensitivity of "business reform and increase" to cash-cash flow, and takes the bargaining power of suppliers and customers as the measure of corporate tax burden transfer ability. The influence of tax burden transfer ability on the policy effect of "camp reform and increase" is analyzed through formula derivation. Secondly, based on the constraints of cash source and application, The system equation is used to investigate the policy effect of "business reform and increase" and the influence of tax burden transfer ability on the policy effect of "business reform and increase". Finally, the differences of policy effect between different property rights and different types of enterprises are studied. The results show that "Operation change increase" can effectively reduce the cash flow sensitivity of enterprises, improve the cash holding status of enterprises, and the tax burden transfer ability will change the policy effect of "business reform increase" on cash-cash flow sensitivity. The stronger the tax burden transfer ability, the stronger the policy effect of "business reform and increase", the more significant the policy effect of "management reform increase" and the influence of tax burden transfer ability on policy effect in non-state-owned enterprises and other modern service enterprises. We should consider the effects of other cash-flow related items when we consider the effect of "adjustment increase" on cash-cash flow sensitivity. The conclusions of this paper provide effective empirical evidence and conclusions for the government to adjust and supplement the macro policy in time.
【作者单位】：东南大学经济管理学院;
【基金】：江苏省社会科学基金重点项目“降低江苏实体经济企业创新成本的对策研究”(批准号16EYA001) 江苏高校哲学社会科学研究项目“多层委托代理视角下内部资本市场配置效率研究”(批准号2014SJD009)
【分类号】：F275.4;F812.42

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