“营改增”对我国物流上市公司投资活动的影响

Study on the Influence of Replacing Business Tax with Value-added Tax on the Investment Activities of Listed Logistics Enterprises

“营改增”是我国财税体制改革的一部分,是国家实施结构性减税的一项重要举措。作为首批试点行业企业,物流企业在实施“营改增”后税收负担及投资活动等的变化,是政府部门和学术界都很关心的问题。选择我国沪深两市物流上市公司2009—2018年的相关数据为研究样本,从国泰安数据库中获得最新数据,采用多元线性回归模型评估“营改增”对上市物流公司固定资产及无形资产投资活动的政策效应,研究结果显示,“营改增”能显著增加仓储邮政业上市公司的固定资产及无形资产投资,显著降低水上运输业上市公司的固定资产投资,对其他物流行业上市公司的固定资产及无形资产投资均没有显著性影响。鉴于不同盈利和不同税率情况下的物流细分行业受“营改增”政策影响的结果差异较大,建议政府部门进一步简化并降低物流企业税率,完善鼓励投资的相关配套政策;相应行业的企业管理层也应顺应政策导向,根据市场需求和自身资产情况,统筹安排投资时机和力度,将税收节约的资金进行有效投资。

Replacing business tax with value-added tax is a part of China’s financial and taxation system;and it is the important measure of China’s structural tax reduction.As one of the pilot industries,logistics enterprises’changes in tax burden and investment activities after replacing business tax with value-added tax arouse concerns from governments and academic world.The authors choose data of Chinese logistics companies that listed in Shanghai and Shenzhen exchanges from 2009 to 2018,which is collected from the database of GTA,as the sample;and with the help of multivariable linear regression model,the authors evaluate the policy effect of replacing business tax with value-added tax on listed logistics companies’fixed asset and intangible asset investment activities.It is found that:replacing business tax with value-added tax can significantly increase the fixed and intangible asset investment of listed storage and postal companies,and reduce the fixed asset investment of listed water transportation companies;and it has no significant influence on fixed and intangible asset investment of other kinds of listed logistic companies.Because of the obvious differences in the policy effect of replacing business tax with value-added tax at different profit and tax rate level on different sub-section of logistic industry,the authors put forward that,first,the government should further simplify and reduce the tax rate of logistic enterprises,and perfect related supporting policies in encouraging investment;and,second,the top managers in related industries should scientifically arrange the opportunity and efforts according to policy direction,market requirement and their enterprises’asset to effectively invest the capital that saved in the tax reform.