减税政策对企业数字化转型的影响路径研究——基于增值税税率降低的视角

Research on the Impact Path of Tax Reduction Policy on the Digital Transformation of Enterprises: From the Perspective of VAT Rate Reduction

高质量发展是建设中国式现代化的重要支撑,而企业数字化转型是经济高质量发展的重要推动力量,通过减税降费减轻企业数字化转型过程中的成本负担是政策支持的关键。以2018年5月实施的增值税改革政策为切入点,利用2016—2020年我国沪深A股上市公司样本数据,实证分析减税政策对企业数字化转型的影响及其作用机制。研究表明:增值税减税政策的实施能够显著地促进企业数字化转型,其中增值税减税在2018年政策出台当年及之前年份中政策效应并不明显,而在2019年与2020年政策效应更为显著。从具体机制来看,增值税减税政策一方面通过降低融资约束的中介机制促进企业数字化转型,另一方面通过固定资产投资比例提升的中介机制促进企业数字化转型。未来需要进一步优化增值税减税政策体系,落实落细相关政策,通过减税政策降低企业数字化转型过程中的成本负担,增强企业长期经营信心,从而促进企业数字化转型。

High quality development is the important support for building Chinese path to modernization,and enterprise digital transformation is an important driving force for China’s high-quality economic development,while alleviating firms’cost burden during the digital transformation processthrough tax and fee reduction is the key of the policy support.Taking the VAT rate reduction policy issued in May of 2018 as an entry point,this paper uses the sample data of A-share listed companies in China’s Shanghai and Shenzhen stock markets from 2016 to 2020 to conduct an empirical analysis of the impact of the tax reduction policy on enterprises’digital transformation and the action mechanism.The results show that the implementation of the VAT rate reduction policy could promote the digital transformation of enterprises significantly,but the policy effect of the VAT rate reduction is not significant in the year of 2018 and the prior years,while in the yearsof 2019 and 2020 it is more significant.In terms of the specific mechanism,the VAT rate reduction can promote the digital transformation of enterprises through the intervening mechanism of easing firms’financing constraints on one hand,on the other hand,it can promote the digital transformation of enterprises through the intervening mechanism of increasing the proportion of fixed asset investment.In the future,it is necessary to further optimize the VAT rate reduction policy system,implement and put into effect of the related and detailed policies,reduce the cost burden of the enterprises during the process of digital transformation through tax reduction policies,and enhance enterprises’long-term business confidence,so as to promote the digital transformation of the enterprises.