“营改增”提高企业价值了吗?——来自中国上市公司的经验证据

Does “Replacing Business Tax with Value-added Tax” Raise the Firm Value?——Evidence from Chinese Listed Companies

促进试点行业发展是"营改增"的主要目的之一,鉴于此,对"营改增"影响试点行业企业价值的经验研究具有重要的理论及实践意义。文章以2009～2015年中国上市公司为样本,基于"营改增"分行业、分阶段实施这一政策实验,利用双重差分模型经验研究了"营改增"之于试点行业企业价值的政策后果及作用机制。研究表明:(1)"营改增"政策显著地提高了试点行业的企业价值,且影响幅度呈逐年上升的动态趋势;(2)"营改增"提高企业价值可以通过提高市场竞争程度实现。进一步地,利用双重差分倾向得分匹配法进行了稳健性测试,上述结论保持不变。

Promoting the development of pilot industries is one of the main purposes of“Replacing Business Tax with Value-added Tax”. In view of this, it is of important theoretical and practical significance to conduct the empirical studies on the effect of“Replacing Business Tax with Value-added Tax”on the value of pilot firms. With Chinese listed companies from 2009 to 2015 as samples and based on the policy experiment of “Replacing Business Tax with Value-added Tax”, this paper uses the Difference In Difference Model ( DID ) to empirically study the policy consequence and mechanism of “Replacing Business Tax with Value-added Tax”affecting the firm value. Results of the research are as follows:( 1 )“Replacing Business Tax with Value-added Tax” has significantly increased the firm value of the pilot industries and the dynamic range of the impact has been gradually increasing;( 2 ) By increasing the level of the market competitio, it is poosible to improve the firm value through“Replacing Business Tax with Value-added Tax”. Further. robust test with PSM-DID also proves that the above conclusion remains unchanged.