本文選題：營改增 + 稅收負(fù)擔(dān)��； 參考：《中央財經(jīng)大學(xué)學(xué)報》2017年09期

【摘要】："營改增"通過稅率變化及抵扣鏈條的打通,不僅在一定程度上降低了企業(yè)的流轉(zhuǎn)稅稅負(fù),而且由于銷售收入價稅分離、購進(jìn)貨物或固定資產(chǎn)進(jìn)項抵扣、稅種變化引起會計核算差異、附加稅費計稅基礎(chǔ)變化等因素,也影響著企業(yè)所得稅稅負(fù)的變化。在"稅盾效應(yīng)"的作用下,"營改增"通過影響企業(yè)稅負(fù),進(jìn)而會影響企業(yè)債務(wù)融資規(guī)模。本文以2011年第1季度—2016年第3季度滬深A(yù)股上市公司財務(wù)數(shù)據(jù)為樣本,運用DID方法及固定效應(yīng)模型,實證檢驗了"營改增"對交通運輸業(yè)(含鐵路運輸業(yè))、部分現(xiàn)代服務(wù)業(yè)、廣播影視業(yè)、郵政業(yè)、電信業(yè)上市公司債務(wù)融資決策的影響。研究表明:上述行業(yè)稅負(fù)與"營改增"政策存在反向關(guān)系,在"稅盾效應(yīng)"作用下,"營改增"顯著降低了企業(yè)的債務(wù)融資水平。政府應(yīng)運用相關(guān)政策措施,適當(dāng)促進(jìn)企業(yè)債務(wù)融資。
[Abstract]:Through the change of tax rate and the elimination of the deductible chain, the "business reform and increase" not only reduces the turnover tax burden of enterprises to a certain extent, but also because of the separation of sales income and tax, the purchase of goods or fixed assets is deducted. Some factors, such as the difference of accounting and accounting, the change of tax basis of additional taxes and fees, also affect the change of enterprise income tax burden. Under the effect of "tax shield effect", "business reform and increase" will affect the scale of corporate debt financing by influencing the tax burden of enterprises. Based on the financial data of Shanghai and Shenzhen A-share listed companies from the first quarter of 2011 to the third quarter of 2016, the paper uses the ID method and the fixed effect model to empirically test the effect of "business transformation and increase" on the transportation industry (including railway transportation, part of modern service industry). Impact of debt financing decisions of listed companies in Broadcasting, Film and Television, Post and Telecommunications. The research shows that there is a reverse relationship between the tax burden of the above industries and the "business reform and increase" policy. Under the effect of "tax shield effect", the "business reform increase" significantly reduces the debt financing level of enterprises. The government should apply relevant policies and measures to appropriately promote corporate debt financing.
【作者單位】： 中國人民大學(xué)財政金融學(xué)院;
【分類號】：F275;F812.42

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