优质期刊论文发表网提供专业的论文发表、论文写作以及期刊推广服务!QQ:820771224

电话:18796337551
当前位置:优质期刊论文发表网会计论文 → 文章正文

营改增对高新技术企业的财务效应分析

作者:优质期刊论文发表网  来源:www.yzqkw.com  发布时间:2019/9/16 9:30:21  

摘要:宏观经济政策与微观企业之间的互动关系一直是学术界普遍关注的热点话题。“营改增”作为我国近年来最重要的税制改革,自2016年扩围至全行业后,减负效果显著。但营改增的最终目标绝不仅仅是减负,更重要的是要实现改善资源要素配置,优化产业结构,助力供给侧改革。如何促进产业结构转型,推动经济高质量发展俨然成为新时代下的首要任务。在微观企业层面,兼有高知识、高创新等特征的高新技术企业对引领经济高质量发展将起到举足轻重的影响。因此,以营改增为背景,考察其对高新技术企业的财务效应具有一定理论和现实意义。

本文在对以往文献进行梳理的基础上,选择2009-2016年我国A股上市公司及部分新三板企业财务数据,构建双重差分模型,按营改增扩围的时间顺序分三阶段逐步检验了其对上海试点、八省市试点及全国试点高新技术企业的财务效应,并结合相关理论对其内在机理进行剖析,得出了营改增—税负—R&D投入—盈利能力的传导机制。在实证部分,本文分别从这三个方面检验了税改的政策效应。本文的研究更加全面地考察了“营改增”政策的经济后果,并论述了“营改增”对高新技术企业财务效应的作用机理,丰富了有关文献。

研究结果发现,营改增政策的实施会对高新技术企业的税负、研发投入及经营结果产生影响,具体表现在:1)第一阶段,企业负债水平显著下降。由于增值税可抵扣原则,营改增后,高新技术企业的R&D投入大幅提升。进一步研究发现,营改增后,由于分工细化积累的差异化优势,使得企业净资产收益率显著提高。2)第二阶段,企业税负仍然显著下降。研发投入及盈利能力指标较第一阶段更加显著。3)在第三阶段,我们得出了相似的结论。最后,本文尝试从微观企业和政府两个层面给出了相关建议。

The interaction between macroeconomicpolicies and micro-enterprises has always been a hot topic in academic circles.As the most important tax reform in recent years, the “Replacing business taxwith VAT” has been significantly reduced since 2016 when it expanded to thewhole industry. However, the ultimate goal of the reform of the camp is notonly to reduce the burden, but more importantly, to improve the allocation ofresource elements, optimize the industrial structure, and help supply-sidereform. How to promote the transformation of industrial structure and promotethe high-quality development of the economy has become the top priority in thenew era. At the micro-enterprise level, high-tech enterprises with highknowledge and high innovation will play a pivotal role in leading thehigh-quality development of the economy. Therefore, taking the reform of VAT asa background, it is of theoretical and practical significance to examine itsfinancial effects on high-tech enterprises.

Based on the previous literature, thispaper selects the financial data of China's A-share listed companies and somenew three-board enterprises from 2009 to 2016, and constructs a double-differencemodel. It is gradually tested in three stages according to the time sequence ofthe expansion of the camp. The financial effects of Shanghai pilot, eightprovinces and cities pilots and national pilot high-tech enterprises, combinedwith relevant theories to analyze its internal mechanism, the transmissionmechanism of the reform-tax burden-R&D investment-profit ability. In theempirical part, this paper examines the policy effects of tax reform from thesethree aspects. The research in this paper examines the economic consequences ofthe “Calculation Reform” policy more comprehensively, and discusses themechanism of the “VAT reform” on the financial effects of high-techenterprises, enriching the relevant literature.

The study found that the implementation ofthe policy of reforming the camp will have an impact on the tax burden, R&Dinvestment and business results of high-tech enterprises. The specificperformance is as follows: 1) In the first stage, the debt level of enterpriseshas dropped significantly. Due to the deductible value-added tax principle, theR&D investment of high-tech enterprises has increased significantly afterthe reform of VAT. Further research found that after the reform of the camp,due to the differentiated advantages of the division of labor and refinement,the company's return on net assets has significantly increased. 2) In thesecond phase, the corporate tax burden is still significantly reduced. R&Dinvestment and profitability indicators are more significant than the firstphase. 3) In the third stage, we came to a similar conclusion. Finally, thispaper attempts to give relevant recommendations from the micro-enterprise andgovernment levels.

关键词:营改增;高新技术企业;双重差分;财务效应

Replacing business tax with VAT;High-techenterprises; Difference in difference; Financial effect

联系方式

客服QQ 820771224
客服热线18796337551
网站地址 www.yzqkw.com
郑重承诺 高效,快速,包发表!
优质期刊论文发表网真诚欢迎新老客户的光临与惠顾!