金融业营改增、税收负担与经营绩效——基于沪深A股上市公司的经验数据分析

VAT Pilot Program in China's Financial Sector,Tax Burden,and Business Performance—Based on an Analysis of the Empirical Data from Shanghai and Shenzhen A-share Listed Companies

2016年5月的营改增是中国22年来最重要的税制改革,本次税改将对相关行业产生不同程度的影响。文章通过VAR模型的脉冲响应函数和方差分解方法,实证分析了税收负担对金融企业经济绩效的长期动态影响,并基于沪深A股上市公司财务数据运用ETR测算了金融业营改增前后税负变化情况。通过以上分析得出结论:税收冲击短期会影响金融企业的经营绩效,但从长期看减税对企业经营绩效的提升贡献却十分有限,因此借力营改增的减税政策,实现企业经营战略的合理化调整,才是真正提高金融企业国际竞争力的应然之举。

In May 2016 to the camp to increase China＇s 22 years is the most important tax reform,the reform will have varyingdegrees of impact on related industries. Through the VAR model impulse response function and variance decomposition meth-od,the empirical analysis the tax burden of the economic performance of financial enterprises long-term dynamic effects,andbased on the Shanghai and Shenzhen A-share listed company financial data measured using ETR finance camp changes be-fore and after the change to increase taxes. Through the above analysis,the article concludes that the tax impact in the shortterm will affect the operating performance of a financial enterprise,but in the long term contribution to the promotion of enter-prise operating performance is very limited,so from the camp of tax cuts,realizing the rationalization of enterprise managesstrategic adjustment,is the real increased international competitiveness of financial enterprises ought to be.