[1]姚宇韬 王跃堂.“营改增”对企业资本结构的影响——基于非债务税盾的视角[J].南京师大学报(社会科学版),2019,(01):130.
 YAO Yutao,WANG Yuetang.The Effects of“ Replacing Business Tax with VAT Reform” on Firms’Capital Structure: An Analysis Based on the Perspective of No-DebtRelated Tax Shields[J].Journal of Nanjing Normal University (Social Science Edition),2019,(01):130.
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“营改增”对企业资本结构的影响——基于非债务税盾的视角
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《南京师大学报》(社会科学版)[ISSN:1006-6977/CN:61-1281/TN]

卷:
期数:
2019年01期
页码:
130
栏目:
经济学研究
出版日期:
2019-01-25

文章信息/Info

Title:
The Effects of“ Replacing Business Tax with VAT Reform” on Firms’Capital Structure: An Analysis Based on the Perspective of No-DebtRelated Tax Shields
作者:
姚宇韬 王跃堂
南京大学管理学院会计,南京210093
Author(s):
YAO Yutao WANG Yuetang
关键词:
“营改增”政策资本结构非债务税盾税收耗损状态产权性质
Keywords:
business tax replaced with VAT reform capital structure no-debt related tax shields taxexhaustion status ownership
摘要:
基于我国“营改增”改革的外生性事件,本文从企业资产投资提供的“非债务税盾”视角出发,探索性地研究了“营改增”政策对企业资本结构的影响。结果表明,“营改增”政策提高了企业固定资产投资以及研发投资的积极性,由企业资产投资构成的“非债务税盾”显著降低了企业的债务水平,该发现符合“非债务税盾”与资本结构之间存在“替代效应”的理论预期。与未接近“税收耗损状态”的企业相比,“营改增”政策实施之后的“替代效应”在接近“税收耗损状态”的企业中更为明显,验证了“税收耗损状态”假说。考虑到非国有企业的税收敏感性要强于国有企业,“营改增”政策实施之后的“替代效应”以及“税收耗损状态”假说在非国有企业中更为显著。进一步区分债务期限结构后发现,“营改增”政策显著降低了企业的长期债务水平,而对短期债务的影响并不明显。本文的研究结论不仅提供了“非债务税盾”与资本结构之间“替代效应”的新证据,还发现企业产权性质对资本结构选择的重要影响。
Abstract:
Institutional environment is an important factor influencing capital structure. Based on the reformto replace the business tax with a value-added tax, this paper seeks to explore how the reform affects capitalstructure from the perspective of no-debt related tax shields. Empirical results suggest that the reform to replacebusiness tax with a value-added tax has decreased interest-bearing debt significantly, especially for firms whichare almost in a tax exhaustion status. Compared with state-owned enterprises, the non-state-owned firms aremore obviously affected by the reform, giving stronger empirical support to the hypothesis of tax exhaustionstatus. Additionally, the results above are more pronounced in long-term interest-bearing debt. However,short-term interest-bearing debt does not show the same results. Our results not only provide new evidence onsubstitution effect between no-debt related tax shields and capital structure, but also suggest that the ownershipof the firms affects the choice of capital structure.

备注/Memo

备注/Memo:
姚宇韬,南京大学管理学院会计系博士研究生(南京210093);王跃堂,管理学博士,南京大学管理学院教授、博士生导师,长江学者特聘教授(南京 210093)。本文得到国家自然科学基金项目面上项目(71672082)、国家自然科学基金项目青年项目(71602085)、江苏省社会科学基金项目(15EYC005)资助。
更新日期/Last Update: 2019-01-25