“营改增”与企业金融化--来自制造业的经验证据

“VAT Reform”and Enterprise Financialization--Empirical Evidences of Manufacturing Industries

本文利用2010-2018年A股制造业上市公司数据,考察"营改增"对不同产权性质企业金融资产配置结构的影响。研究发现:在"营改增"影响下,国有企业的长期金融资产配备增加,实体投资"挤出"效应明显存在,说明国有企业配置金融资产以利润最大化为动机;非国有企业的短期金融资产持有量明显减少,融资约束有所缓解,说明非国有企业配置金融资产以资金储备为动机。

Based on the data of listed A-share manufacturing enterprises during 2010-2018,the authors examine the impact of the"Replacing Business Tax with Value-Added Tax"(VAT)reform on the financial asset allocation structure of different-ownership enterprises.It’s found that,due to the impact of the"VAT reform",the long-term financial asset allocation of SOEs increases,and the"crowding out"effect of real investment is significant,indicating that the financial asset allocation of SOEs is motivated by profit maximization;the short-term asset holdings of Non-SOEs are significantly reduced,and financing constraints decrease,indicating that the financial asset allocation of Non-SOEs is motivated by capital reserve.