“营改增”与企业固定资产对劳动的替代性

Replacing business tax with VAT and the substitution of enterprise fixed assets on labor

2016年5月1日我国"营改增"改革扩大到建筑业、房地产业、金融业、生活服务业,为分析这几个行业的改革效果,首先利用企业利润函数构建理论模型,再以2014—2016年A股上市公司数据为样本,从微观层面运用面板双重差分模型(DID)对"营改增"的影响进行测算。结果表明:"营改增"显著提高了企业固定资产对劳动的替代性和企业固定资产投资。

On May 1,2016 replacing business tax with VAT reform in China has expanded to the industry of construction,real estate,finance,life services.To analyze the reform effect of these industries,first using the enterprise profit function to construct theory model,and again using the data of A-share listed companies in 2014-2016 as sample,from the micro level this paper applies the DID model to measure the influence of replacing business tax with VAT.The results show that:replacing business tax with VAT significantly increases the substitution of enterprise fixed assets on labor,and it remarkably increases the investment of enterprise fixed asset.