增值税转型对企业智力资本价值创造效率的影响——基于我国上市公司2007—2012年的面板双重差分估计

A Study on The Impact of VAT Reform on Value Added Efficiency of Intellectual Capital:Evidence from China's Listed Firms from 2007 to 2012

本文在2009年我国生产型增值税全面转型为消费型增值税这一"自然实验"背景下,以2007—2012年间我国A股上市公司为样本,运用面板双重差分方法,考察了增值税转型政策对企业智力资本价值创造效率的影响。研究发现,增值税转型显著地增进了智力资本价值创造效率,进而拉动企业总体资源价值创造效率的提高。然而,转型效应在具有不同的产权性质、融资约束状况以及智力资本价值创造能力的企业中存在异质性。增值税转型只能显著提升非国有企业的智力资本、总体资源增值效率,却难以对国有企业产生有效作用;转型政策对智力资本、总体资源增值效率的提升力度,高融资约束的企业强于低融资约束企业,拥有较强的人力资本、结构资本价值创造能力的企业大于人力资本、结构资本价值创造能力较弱的企业。多维度的研究结论为当前我国进一步深化税制改革、转变经济增长方式提供了较为丰富的政策启示。

In the era of knowledge economy, intellectual capital has become the firm＇ s strategic resource and value-creating driver. Although a fairly large body of literature analyzes the value creation mechanism of intellectual capital from various aspects, the relationship between the change of macroeconomic policy and the value creating capacity of intellectual capital has not yet been taken into account. In fact, being a mieroeconomic subject, the behavior decision and operating activity of the enterprise will be inevitably affected by any change of the tax, finance or industrial policies. Especially the tax system reform would directly change the tax amount payable and the profit of a firm, and influence the invest and financing decision and the production plan, then the allocation of resources between intellectual capital and physical capital, and eventually the efficiencies of value added by a firm through these capital. Under the natural experiment background of the Value-Added-Tax （VAT） reform from the production type to consumption type in 2009, this paper attempts to adopt Difference-in-Difference method （DID） to empirically analyze the impact of VAT reform on the value added efficiency of intellectual capital with a panel data sample of Chi- na＇s A-share listed firms from 2007 to 2012. Our results demonstrate that the change of VAT system significantly improves the value added efficiency of intellectual capital, which eventually promotes the total efficiency of value added by a firm. However,the effects of the tax reform vary with the ownership nature of the ultimate controller,fi- nancing constraints and the capacity for value creation by intellectual capital. The specific results are as follows： （a） The VAT reform could hardly promote the value added efficiencies of intellectual capital and physical capital for the state-owned firms, but can significantly increase the value added efficiency of intellectual capital and that of total factors for non-state-owned firms. （b） No mater a firm is more or less financially constrained, the VAT reform can significantly increase the efficiencies of value added by intellectual capital and total factors. And such influences are much stronger for the firms which are more financially constrained. （c） For the firms with greater capacities for value creating through human capital, the VAT reform can significantly improve their efficiencies of value added by intellectual capital, and eventually promote the value added efficiencies of all resources. However, these influences of the VAT reform are weaker for those having weak capacities for value creating by human capital. （d） No matter a firm＇ s capacity for value creating through structural capital is strong or weak, the impacts of the change of VAT policy on the value added efficiencies of intellectual capital and total resources are significantly positive. And such effects become much stronger when a firm has a greater capacity for value creating by structural capital. Finally, the paper gives rise to some suggestions for the on-going tax system reform and changing of economic growth mode. First of all, the firms those are more financially constrained or have stronger capacities for value crea- ting through human capital should be considered as the key support subjects in current tax reform, and be provided with more tax incentives, for example, replacing the business tax with value-added tax. Secondly, for state-owned en- terprises,we should not only strengthen the supervision of the shareholders and board over the managers, but also construct an intellectual capital oriented performance measure system for the management in order to inspire them to pursue long-term shareholders＇ wealth growth. Thirdly, the government should encourage the firms to continuously in- vest in and maintain their human capital, and develop the skills and ability of optimal allocation of resources to make sure that they be able to react rapidly and raise production efficiency in case of any change of the public policy.