增值税税率简并能够治理企业“脱实向虚”吗?——基于2017年增值税税率简并的准自然实验

Can the Degeneracy of the Value-added Tax Rate Govern Enterprises’“Deviation from the Real to the Virtual”?:Based on the Natural Experiment of VAT Simplification in 2017

进一步简并增值税税率和防范企业“脱实向虚”风险以实现“六稳”“六保”是当前政府部门努力的方向。选取2015—2019年我国沪深A股上市公司的样本数据,以2017年增值税税率简并政策的出台为准自然实验,采用双重差分法实证检验了增值税税率简并与企业“脱实向虚”的关系及作用机理。研究发现:增值税税率简并通过增加主业投资、缓解企业面临的融资约束和提升实体资产收益率,进而抑制企业“脱实向虚”。异质性检验发现,在民营企业、议价能力较强以及金融生态环境较好的情况下,以上抑制作用更加显著。研究结论不仅有助于评估增值税税率简并的政策效应,而且能够为我国进一步简并增值税税率、防范系统性金融风险以及促进实体企业高质量发展提供微观层面的经验证据。

Further simplifying the value-added tax rate and preventing the risk of enterprises“departing from the real to the virtual”in order to achieve“six stability”and“six guarantees”are the current efforts of government departments.By selecting the sample data of China’s A-share listed companies in 2015 to 2019,taking the introduction of VAT rate simplification policy in 2017 as the natural experiment,we test the mechanism between VAT rate simplification and enterprises’“removing the reality to the virtual”.The study found that the degeneracy of the value-added tax rate can restrain enterprises from“departing from the real to the virtual”by increasing the investment in the main business,alleviating the financing constraints faced by enterprises,and improving the return on real assets.The heterogeneity test found that the above inhibitory effects are more significant in the case of private enterprises,strong bargaining power and better financial ecological environment.The conclusions of this paper are not only helpful to evaluate the policy effect of VAT rate simplification,but also provide micro-level empirical evidence for further simplifying the VAT tax rate,preventing systemic financial risks and promoting the high-quality development of real enterprises.