基于融资约束视角的“营改增”政策与企业投资效率分析

An Analysis of the Policy Effect of “Replacing Business Tax with Value-added Tax”on Investment Efficiency based on the Perspective of Financing Constraints

作为结构性减税的重大制度变革,"营改增"政策对企业投资行为具有重要影响。基于融资约束视角,本文采用双重差分法分析"营改增"对企业投资效率的影响,并检验企业融资约束程度对两者关系的制约作用。研究发现"营改增"政策促进了企业投资效率的提升,且对高融资约束企业的影响更显著;相比于投资过度企业,"营改增"政策促进了投资不足企业投资效率的提升,融资约束对"营改增"政策效应的影响在投资不足企业的表现更显著;"营改增"政策对企业投资效率的促进作用主要存在于非国有性质、高成长性以及高市场竞争度的企业,国有企业对"营改增"政策的敏感性较弱。鉴于融资约束的缓解对企业投资效率的提升具有"挤出"效应,应进一步完善"营改增"制度相关条款,扩大增值税抵扣范围,提高税收征管效率,完善财政补贴机制,不断优化调整增值税税率水平,保证"营改增"减税红利的最大化,进而引导企业科学投资决策、提升投资效率、优化资本市场资源的配置效率。

As a major institutional change in structural tax cuts area,the implementation of the policy of“replacing busi?ness tax with value-added tax”has an important impact on the micro-investment behavior of enterprises.Based on the per?spective of financing constraints,this paper uses the difference-in-differences method to study the impact of the tax reform on the investment efficiency of enterprises,and examines the moderating effect of corporate financing constraints on the re?lationship between them.The study finds that the tax reform promotes the investment efficiency of enterprises and has a more significant impact on high-financing companies;compared with over-investment enterprises,the tax policy promotes the investment efficiency of under-investment enterprises,and the impact of financing constraints on the policy effect is more significant in under-investment enterprises;in additional,the promotion effect of the tax reform on corporate invest?ment efficiency mainly exists in non-state-owned enterprises,high-growth enterprises and enterprises with high market competition,which shows that state-owned enterprises are less sensitive to the tax reform.In view of the“crowding out”effect on the improvement of investment efficiency,the relevant provisions of the tax reform should be further improved,the scope of VAT deduction should be expanded,the efficiency of tax collection and management should be strengthened,the financial subsidy mechanism should be optimized,and the VAT tax rate should be adjusted more reasonably,so as to guar?antee the maximization of the tax reduction bonus of the reform,and then guide the scientific investment decision-making,improve investment efficiency,and optimize the allocation efficiency of capital market resources.