“营改增”政策对企业信息披露质量的影响——基于融资约束视角的分析

Policy Effect of “Business Tax Replaced with VAT” on the Quality of Enterprise Information Disclosure——Analysis Based on the Perspective of Financing Constraints

融资约束对企业的信息披露行为具有重要影响。文章将“营改增”改革作为缓解企业融资约束的外生事件冲击,采用双重差分法实证检验“营改增”政策对企业信息披露质量的影响及其经济后果。研究发现:“营改增”政策降低了企业的信息披露质量,且政策效应在高融资约束的企业中更加显著。区分企业内部控制质量的进一步研究发现:企业的内部控制质量越高,“营改增”政策降低信息披露质量的程度越不明显,说明企业内部控制具有治理效应。拓展性分析发现,融资约束的缓解是“营改增”政策降低企业信息披露质量的传导路径;“营改增”政策降低企业信息披露质量的行为显著损害了企业价值。文章的研究结论不仅丰富了“营改增”政策与企业信息披露的学术文献,还为政府进一步深化税制改革提供了经验数据。

Financing constraints have an important impact on corporate information disclosure behavior. Taking the reform of “replacing business tax with value-added tax”as an easing of the impact of exogenous events on corporate financing con straints,this paper uses the difference-in-difference method to empirically test the impact of the tax reform on corporate dis closure quality and its economic consequences. The study finds that the tax reform has reduced the quality of corporate infor mation disclosure,and the policy effect has become more pronounced in companies with high financing constraints. Further re search distinguishing the quality of internal control of enterprises reveals that the higher the quality of internal control of an en terprise,the less obvious is the degree to which the reform reduces the quality of information disclosure,indicating that corpo rate internal control has a governance effect. The expansion analysis finds that the mitigation of financing constraints is the con duction path for the tax reform to reduce the quality of corporate information disclosure. What’s more,the act of reducing the quality of corporate information disclosure through the tax reform significantly undermines the value of the company. The re search conclusions of this paper not only enrich the academic literature of the tax policy and the information disclosure behav ior of enterprises,but also provide empirical data for the government to further deepen the reform of the taxation system.