“营改增”对上市公司债务融资的效应分析

发布时间：2018-06-05 06:38

本文选题：营改增 + 税收负担　；参考：《中央财经大学学报》2017年09期

【摘要】："营改增"通过税率变化及抵扣链条的打通,不仅在一定程度上降低了企业的流转税税负,而且由于销售收入价税分离、购进货物或固定资产进项抵扣、税种变化引起会计核算差异、附加税费计税基础变化等因素,也影响着企业所得税税负的变化。在"税盾效应"的作用下,"营改增"通过影响企业税负,进而会影响企业债务融资规模。本文以2011年第1季度—2016年第3季度沪深A股上市公司财务数据为样本,运用DID方法及固定效应模型,实证检验了"营改增"对交通运输业(含铁路运输业)、部分现代服务业、广播影视业、邮政业、电信业上市公司债务融资决策的影响。研究表明:上述行业税负与"营改增"政策存在反向关系,在"税盾效应"作用下,"营改增"显著降低了企业的债务融资水平。政府应运用相关政策措施,适当促进企业债务融资。
[Abstract]:Through the change of tax rate and the elimination of the deductible chain, the "business reform and increase" not only reduces the turnover tax burden of enterprises to a certain extent, but also because of the separation of sales income and tax, the purchase of goods or fixed assets is deducted. Some factors, such as the difference of accounting and accounting, the change of tax basis of additional taxes and fees, also affect the change of enterprise income tax burden. Under the effect of "tax shield effect", "business reform and increase" will affect the scale of corporate debt financing by influencing the tax burden of enterprises. Based on the financial data of Shanghai and Shenzhen A-share listed companies from the first quarter of 2011 to the third quarter of 2016, the paper uses the ID method and the fixed effect model to empirically test the effect of "business transformation and increase" on the transportation industry (including railway transportation, part of modern service industry). Impact of debt financing decisions of listed companies in Broadcasting, Film and Television, Post and Telecommunications. The research shows that there is a reverse relationship between the tax burden of the above industries and the "business reform and increase" policy. Under the effect of "tax shield effect", the "business reform increase" significantly reduces the debt financing level of enterprises. The government should apply relevant policies and measures to appropriately promote corporate debt financing.
【作者单位】：中国人民大学财政金融学院;
【分类号】：F275;F812.42

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