增值税简并税率与企业股权融资

VAT Rato Simplifcation and Enterprise Equity Financing

企业提高股权融资水平是活跃资本市场、提高直接融资比重及健全资本市场功能的关键路径。那么,增值税简并税率发挥的资源高效配置效应是否有助于促进企业股权融资?选取2012—2021年沪深A股上市公司的样本数据,实证分析2017年实施的增值税简并税率政策对企业股权融资的影响后发现,简并税率政策的实施显著促进了企业股权融资;其影响机制是通过提升企业内在价值及信息效率,进而促进企业股权融资。同时,简并税率政策促进企业股权融资的效果在信贷歧视度较高、适用税率档数较多的企业中更显著。此外,良好的资本市场制度环境提升了简并税率促进企业股权融资的效果,具体体现为在市场化程度较高、资本市场开放程度较高的组别中,简并税率与企业股权融资之间的正向作用更显著。为此,未来需要持续优化增值税简并税率政策,针对不同类型企业制定差别化税收支持政策,发挥减税政策与资本市场制度的合力,提振投资者信心,从而促进企业股权融资。

Raising the level of equity financing is the key path for enterprises to activate the cap-ital market,increase the proportion of direct financing and improve the function of the capital market.Then,does the high efficient resource allocation effect of Value-added Tax(VAT)rate simplification help to promote corporate equity financing?By choosing the sample data of A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2012 to 2021,this paper empirically analyzes the impact of the VAT rate simplification policy implemented in 2017 on corporate equity financing.The results show that the implementation of the simplified tax rate policy has significantly promoted the equity financing of enterprises;its influencing mechanism is to improve the internal value of enterpris-es and the information efficiency,then further improve the equity financing of enterprises.At the same time,the effect of the simplified tax rate policy on promoting equity financing of enterprises is more significant in the enterprises with higher credit discrimination and more applicable tax brackets.In addition,the good institutional environment of capital market has improved the effect of the VAT rate simplification policy on the promotion of corporate equity financing.Specifically,in the groups with a higher degree of marketization and higher degree of capital market openness,the positive ef-fect between the simplified tax rate and corporate equity financing is more significant.Therefore,in the future,it is necessary to continue to optimize the VAT rate simplification policy,formulate differ-entiated tax supporting policies for different kinds of enterprises,play the combined role of tax reduc-tion policies and the capital market system,and boost investors'confidence,so as to promote the eq-uity financing of enterprises.