增值税转型对企业融资约束的影响研究

Study on the Impact of VAT Transformation Reform on Financing Constrains

本文基于2009年增值税转型改革,研究了后危机时代税制改革对企业融资约束的缓解作用。研究发现,增值税转型主要是通过对内源融资约束的缓解改善企业的融资约束,其政策效应呈逐年显现的状态。进一步研究发现,增值税转型对非国企融资约束的缓解作用强于国企;高管的金融背景越强,增值税转型对融资约束的缓解作用越大;企业所处地区的市场化程度越高,增值税转型对融资约束的缓解作用越明显。本文的研究不仅丰富了相关研究成果,拓展了宏观经济政策如何作用于微观企业、影响其财务行为的研究领域,结论对正在进行的营业税改征增值税的试点工作也具有一定参考价值。

Based on the VAT reform in 2009, this paper investigates how the tax reform alleviates financing constrains. Our empirical evidences reveal that the VAT reform takes effect mainly through mitigating internal finance and facilitating financial constrains. They also show that the policy impact gradually appears in the following years. We then find that the sensitivity on the policy changes of non-state-owned enterprises is much stronger than that for state-owned enterprises. Furthermore,the data analysis indicates that the financial background of managers and the extnet of marketization have positive influence on the alleviating function. Overall, our investigation not only enriches the relative literature, but also extends the study field that how macroeconomic policy works on firms and their accounting activities. Finally, the paper gives rise to reference value for the on-going VAT reform pilot job.