增值税税率对企业价值的影响:来自股票市场反应的证据

The Effect of Value-added Tax Rate on Firm Value: Evidence from the Reaction of Stock Market

增值税税率影响企业的逻辑与其他税种存在较大差异,然而已有研究对增值税税率的影响关注不够。依据我国2017年4月颁布的将13%的增值税税率降至11%的改革,本文基于事件研究方法发现,相比其他企业,增值税税率降低的企业在[0,1]事件窗口期的股东财富平均增长了约0.3%,这相当于370亿股东总财富的增加。接下来的实证分析验证了增值税税率影响企业价值的两条路径:"价格效应"与"税负效应"。我们还进一步识别了"税负效应"的具体来源。此外,比较发现,"税负效应"的影响程度要超过"价格效应"。最后,区分产权性质的结果显示,增值税税率的价值效应主要存在于非国有企业;出口退税政策的存在则使得非出口企业受增值税税率的影响更大。本文提供了增值税税率价值效应的经验证据,并系统揭示了增值税税率价值效应的具体来源以及各来源的相对重要性,这使得本文结论具有重要的理论价值与政策启示意义。

The logic of the VAT rate affects the enterprise is quite different from other taxes.However,the research has not paid enough attention to the impact of the VAT rate.Using China's reforms in April 2017 to reduce the 13%VAT rate to 11%and based on the event research method,this paper found that compared with other enterprises,shareholders of enterprises with reduced VAT rates increased their wealth by an average of about 0.3%in the[0,1]event window period,which is equivalent to an increase in the total wealth of the 37 billion shareholders.The following empirical analysis examines the two paths of VAT rate affecting corporate value:"price effect"and"tax burden effect".We have further identified specific sources of"tax burden effects".In addition,the we found that the"tax burden effect"has a greater impact than the"price effect"comparatively.Finally,the results of the nature of property rights show that the value effect of the VAT rate mainly exists in non-state-owned enterprises;the existence of export tax rebate policy makes non-export enterprises more affected by the VAT rate.This paper provides empirical evidence of the value effect of VAT rate,and systematically reveals the specific source of the value effect of VAT rate and the relative importance of each source,which makes the conclusion of this paper have important theoretical value and policy implications.