不动产抵扣是否影响了“脱实向虚”—一个投资结构的视角

Does VAT Deduction Drive Enterprises from Real to Virtual? From the Perspective of Investment Structure

2016年将销售不动产纳入"营改增",使企业购建不动产可以享受进项税额抵扣的减税实惠,这是否会加剧企业涉房投资倾向?这一问题在当前研究中尚未得到检验。文章将2016年5月1日实施的不动产抵扣政策作为一次自然实验,基于我国沪、深两市上市公司2014-2017年的数据,采用成对样本回归等方法考察了不动产抵扣对企业投资行为的影响。实证结果显示:不动产抵扣显著增加了非国有企业的涉房投资,挤出了企业的设备类投资,表现出一定的"脱实向虚"的趋势;相比于分期抵扣的不动产类固定资产投资,一次性抵扣的投资性房地产对设备类固定资产的挤出效应更为明显;"营改增"带来的企业涉房投资偏向显著抑制了非国有企业的研发投入,通过机制识别发现,资金挤占效应是涉房投资抑制研发投入的主要作用渠道。文章的研究对未来全面认识企业涉房投资行为和矫正企业涉房投资倾向具有一定的参考价值。

The real estate industry was brought into the scope of value-added tax(VAT)in 2016,so that enterprises that purchase and build real estate can benefit from considerable tax deduction.Will it aggravate the tendency of enterprises to invest in housing?This problem has not been tested in current studies.Taking the VAT deduction policy as a natural experiment and using the paired sample difference regression method,this paper tests the impact of VAT deduction on enterprises’investment behavior with the data of listed companies in 2014-2017.The results of empirical research show that the real estate deduction significantly increases state-owned enterprises’real estate investment and squeezes out the equipment-type fixed assets investment of such enterprises,reflecting the trend of"shifting from real economy to virtual economy".Our research also finds that the one-off deductible investment grows more obvious than the real estate fixed assets investment which is deducted by two times.The real estate investment bias brought about by the deduction policy has significantly inhibited the R&D investment of non-state-owned enterprises.Through mechanism identification,it is found that the capital squeezing effect is the main channel for the R&D inhabitation effect.This study has a certain reference value for us to understand what exactly housing investment behavior is and how to correct it.