增值税转型对上市公司影响的实证研究

A Positive Study of Impacts on Listed Companies of VAT Transformation

本文通过对405家上市公司年报数据的分析,得出增值税转型对企业净资产收益率(ROE)存在重大影响的结论;又通过对跨年度上市公司ROE的比较研究,发现增值税转型对上市公司收益的跨年度影响是稳定的,但是对上市公司收益能力分化和下降的趋势仅能起到减缓作用。受增值税转型影响,上市公司增值税减少率明显高于非上市公司。增值税转型后工业小规模纳税人与431家上市公司相比,存在税收非公平待遇。增值税转型通过国家和企业利益的再分配直接影响企业收益,明显增强了上市公司整体收益能力。

The article argues that Value-added Tax transformation has considerable influence on listed companies through an analysis of 405 listed companies. Moreover, time series analysis to ROE data of listed companies shows VAT transformation has stable intertemporal influence on earnings of listed companies, but can not reverse current trends of diversified and decreasing earning abilities of listed companies. Compared with non-listed companies, VAT burden of listed companies decreases more. After VAT transformation, small scale VAT taxpayers in manufacture industry will suffer from unfair tax treatment. Through the redistribution of benefits between state and enterprises, VAT transformation will release enterprises burden and enhance their earning ability as a whole.