The essence of the modern tax system is the unity of the modern tax framework and the functions it supports.Behind the appearance of an unbalanced tax structure lies the reality of the shortcomings and weaknesses of t...The essence of the modern tax system is the unity of the modern tax framework and the functions it supports.Behind the appearance of an unbalanced tax structure lies the reality of the shortcomings and weaknesses of the functions of modern taxation.The heart or soul of the establishment of a modern tax system is making modern tax functions the standard,acting to optimize the tax structure,and creating a form of tax system with a functional balance that integrates"optimized resource allocation,maintenance of market unity,promotion of social equity,and ensuring long-term national stability"constituting a modern tax framework.The transition from structural imbalance to structural optimization is the fundamental route to establishing a modern tax system.On the premise of maintaining basic stability in the macro-tax burden,the supplementation and strengthening of the shortcomings and weaknesses in modern tax functions primarily involve supplementing and strengthening the direct taxation shortcomings and weaknesses that are in an"absent"or"weak"state in the current tax framework.Increasing direct taxes and raising their proportion essentially mean increasing the tax paid by individuals and raising the share of individual tax revenue in total tax revenue.This is the most important and central aspect of action to optimize the tax structure.展开更多
This paper uses China's value-added tax(VAT)rate reform as a quasi-natural experiment to identify the impacts of VAT rate shocks on corporate financial leverage.The results indicate that the reform reduced corpora...This paper uses China's value-added tax(VAT)rate reform as a quasi-natural experiment to identify the impacts of VAT rate shocks on corporate financial leverage.The results indicate that the reform reduced corporate total leverage significantly.There was a decrease in short-term leverage,but long-term leverage showed no significant change.These results remained robust across a series of robustness checks.Mechanism analysis shows that increasing profitability and improving cash flows acted as intermediary channels for the reform's impact on leverage.The reform also contributed to the mitigation of the asset–liability mismatch problem and the reduction of debt risk,while having no apparent impact on corporate investments.Finally,enterprises with more elastic demand and those with lower intermediate input ratios were affected most by the deleveraging effect of the VAT rate reform.This study suggests how the VAT rate cut shaped corporate capital structure.It thus helps to explain the economic consequences of VAT rate shocks.展开更多
文摘The essence of the modern tax system is the unity of the modern tax framework and the functions it supports.Behind the appearance of an unbalanced tax structure lies the reality of the shortcomings and weaknesses of the functions of modern taxation.The heart or soul of the establishment of a modern tax system is making modern tax functions the standard,acting to optimize the tax structure,and creating a form of tax system with a functional balance that integrates"optimized resource allocation,maintenance of market unity,promotion of social equity,and ensuring long-term national stability"constituting a modern tax framework.The transition from structural imbalance to structural optimization is the fundamental route to establishing a modern tax system.On the premise of maintaining basic stability in the macro-tax burden,the supplementation and strengthening of the shortcomings and weaknesses in modern tax functions primarily involve supplementing and strengthening the direct taxation shortcomings and weaknesses that are in an"absent"or"weak"state in the current tax framework.Increasing direct taxes and raising their proportion essentially mean increasing the tax paid by individuals and raising the share of individual tax revenue in total tax revenue.This is the most important and central aspect of action to optimize the tax structure.
基金All authors contributed equally.The authors thank the reviewers for their valuable comments and acknowledge the generous support from the Fundamental Research Funds for the Central Universities of China.
文摘This paper uses China's value-added tax(VAT)rate reform as a quasi-natural experiment to identify the impacts of VAT rate shocks on corporate financial leverage.The results indicate that the reform reduced corporate total leverage significantly.There was a decrease in short-term leverage,but long-term leverage showed no significant change.These results remained robust across a series of robustness checks.Mechanism analysis shows that increasing profitability and improving cash flows acted as intermediary channels for the reform's impact on leverage.The reform also contributed to the mitigation of the asset–liability mismatch problem and the reduction of debt risk,while having no apparent impact on corporate investments.Finally,enterprises with more elastic demand and those with lower intermediate input ratios were affected most by the deleveraging effect of the VAT rate reform.This study suggests how the VAT rate cut shaped corporate capital structure.It thus helps to explain the economic consequences of VAT rate shocks.
