“营改增”对企业劳动收入份额的影响——基于企业投资行为的视角

The Impact of VAT Reform on the Share of Firms'Labor Income:Based on the Perspective of Firms'Investment Behavior

本文首先从企业投资行为的视角构建了营业税改征增值税这一税制改革影响企业劳动收入份额的理论模型,然后借助服务业上市公司数据,采用双重差分法实证发现“营改增”显著促进了企业劳动收入份额增加。基于因果中介分析框架的结果与理论模型高度一致:样本期间“营改增”对企业机器设备类等生产性投资产生有效的正向激励,同时抑制企业对房地产等非生产性资本的“脱实向虚”投资动机,进而提高了企业劳动收入份额。异质性研究证实,“营改增”的劳动收入份额提升效应在非国有企业、高融资约束企业和位于地区要素市场发育程度较低的企业中表现更为明显。本文的研究从企业投资视角为理解劳动收入份额变动提供了新的启示。

This paper aims to study the impact of VAT reform on the labor income share of listed companies in the service industry and its mechanism.The research found that the VAT reform significantly promoted the in-crease of labor income share of listed firms in service industry.The results based on the causal intermediary analysis framework show that during the sample period,the VAT reform has an positive incentive for productive investment such as machinery and equipment,while inhibiting the firms'"real to virtual"investment motivation for non-productive capital such as real estate,thus increasing the firm labor income share.Heterogeneity research confirms that the labor income share enhancement effect of the VAT reform is more obvious in non-state-owned,high financing constraints and low development of regional factor market firm.The research of this paper con-tributes a new perspective to understand the change of firm labor income share.