税制改革能否改善上市企业的短视动机——基于研发创新和盈余管理视角

Value -added Tax Reform and Myopia of Firms——Evidence from R&D Innovations and Earning Management of Listed Companies

短期业绩目标的压力常常会催生上市企业的短视动机,导致其缺乏参与研发创新的激励,并通过盈余管理粉饰业绩。本文探讨税收体制的改革能否改善这一状况,利用2004—2009年全国范围内分批次进行的增值税转型构建双重差分模型,研究发现税制改革能够显著提升上市企业的创新产出和资本投资效率,约束了其通过盈余管理粉饰业绩的行为。可见,税制改革有助于改善上市企业的短视动机,落实创新驱动战略,有效推动经济发展。

The pressure from short-term performance leads to the myopia of listed firms,giving rise to the lack of innovation motivations and earning managements.We examine whether the tax reform can alleviate the problem using difference-in-differences analysis with plausibly exogenous variation from the staggered VAT reform from 2004—2009 in China.We find that the tax reform significantly improves the R&D innovations of listed firms and motivation to conduct R&D innovations.The effects are more prominent among firms with stronger reliance on internal financing,with higher percentage of fixed asset,in more competitive industries,and with higher stock liquidity.Besides,we find that the VAT reform improves the capital investment efficiency of the listed firms and demotivate the window dressing through earning management.