“营改增”对公司债务融资成本的影响研究

Impact of the Reform to Replace the Business Tax with Value-Added Tax on Corporate Debt Financing Cost

“营改增”是供给侧结构性改革的重要内容。本文以2010—2014年为观察期,运用PSM和DID方法分别检验了“营改增”先行试点地区(上海市和其他8个省市)以及全国性试点对公司债务融资成本的影响。研究结果表明,“营改增”对试点公司债务融资成本具有显著的降低效应,其中现代服务业显著降低,而交通运输业并无显著变化。区分产权性质和市场化程度的进一步研究发现,“营改增”对公司债务融资成本的降低效应仅在非国有企业和高市场化程度地区中存在。拓展性分析结果显示,“营改增”也显著降低了制造业等原增值税行业公司的债务融资成本,表明“营改增”对原增值税行业公司具有溢出效应。此外,全面“营改增”也显著降低了试点行业公司的债务融资成本。

The replacement of business tax by value-added tax(RBTVAT) is an important part of the current supply-side structural reform.Based on the data of Shanghai-Shenzhen A-share listed companies from 2010 to 2014, this paper applies PSM and DID to examine the impact of RBTVAT in Shanghai, eight cities and provinces as well as the whole nation on the debt financing cost of enterprises.The research results show that RBTVAT makes the debt financing cost of pilot companies in pilot areas decrease significantly, of which the modern service industry is significantly reduced, while the transportation industry is not changed significantly.Further research on distinguishing the property characteristics and the degree of marketization find that the reduction effect of RBTVAT on corporate debt financing cost only exists in non-state-owned enterprises and regions with high degree of marketization.The results of the extended analysis show that RBTVAT significantly reduces the debt financing costs of companies in the original VAT industry such as the manufacturing industry, indicating that RBTVAT has spillover effects on companies in the original VAT industry.In addition, the comprehensive RBTVAT also significantly reduces the debt financing cost of the pilot industry companies.