增值税留抵退税对上市公司债务融资的影响研究

Research on the Impact of VAT Rebate Policy on Debt Financing of Listed Companies

以2018年中国在部分行业试点的留抵退税政策为背景,文章利用A股上市公司的季度财务数据,运用双重差分法(DID)研究留抵退税政策对上市公司债务融资的影响。结果表明:实施留抵退税政策在短期内降低了企业的债务融资比率,作用机制在于留抵退税提高了企业的现金流水平,促使企业用内源资金去替代债务融资;异质性研究发现留抵退税对企业债务融资的影响因企业规模、行业和所处城市营商环境的不同而存在差异,对中小型企业、制造业和所处城市营商环境较好的企业影响突出;此外,从长期来看留抵退税可能会通过增加企业的固定资产投资而提高债务融资比率。未来可适当放宽对纳税人申请条件的限制、城市应致力于优化本地的营商环境,以及在实施留抵退税时充分考虑国家财政的实际承受能力。

On the background of China’s VAT rebate policy in some industries in 2018,this paper uses quarterly financial data of A-share listed companies to study the impact of VAT rebate policy on debt financing of listed companies by using the DID method.The results show that the implementation of VAT rebate policy reduces the debt financing ratio of enterprises in the short term.The mechanism lies in that VAT rebate policy improves the cash flow level of enterprises and encourages enterprises to replace debt financing with internal funds.The heterogeneity study shows that the impact of VAT rebate policy on corporate debt financing varies with the size of enterprises,industries and the business environment of cities,and the impact on small and medium-sized enterprises,manufacturing industry and enterprises with better business environment in cities is prominent.Moreover,in the long term,the VAT rebate policy could increase debt-financing ratios by increasing firms’fixed-asset investment.Major policy implications:In the future,restrictions on taxpayer application conditions can be appropriately relaxed,cities should focus on optimizing the local business environment,and full consideration should be given to the actual financial capacity of the state when implementing the VAT rebate policy.