增值税转型、集团控制与企业投资

VAT Transformation,Group Affiliation and Corporate Investment

现有研究多局限于探讨增值税转型对企业投资的整体影响,而集团控制是影响投资的重要因素,集团公司与独立公司投资行为存在差异,那么增值税转型对这两类企业的影响是否也有差别,目前尚无从这一视角分析的文献。本文研究发现增值税转型背景下集团公司的固定资产投资规模显著高于独立公司,且两权分离度越高,差距越大。对两类企业投资动因研究显示,融资约束是影响集团公司与独立公司投资行为的主要因素,并且随着两权分离度的提高,代理成本对两类公司尤其是集团公司投资行为的影响也会提高。此外,增值税转型中集团公司的过度投资显著高于独立公司。

Existing literature is limited to investigating VAT transformation＇s overall impact on corporate investment. While group affiliation is an important factor in investment behavior,there is no research analyzes the different influence of VAT transformation on investment from this perspective. We find that fixed- asset investment scale of group firms is significantly higher than that of independent firms. With the separation of ownership and control increases,it results in greater difference. Dynamics analysis finds that financial constraints is the main factor of both firms＇ investment behavior. With the separation of ownership and control increases,agency cost affects investment behavior more,especially on group firms. Besides,over- investment of group firms is significantly higher than that of independent firms during VAT transformation.