增值税留抵退税政策对企业价值的影响研究——基于我国上市公司的实证分析

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英文篇名：Research on the Impact of VAT Rebate Policy on Enterprise Value——An Empirical Analysis Based on Listed Companies in China 作者：何杨 ; 邓粞元 ; 朱云轩 英文作者：He Yang;Deng Xiyuan;Zhu Yunxuan; 关键词：留抵退税 ; 企业价值 ; 现金流 ; 资本成本 英文关键词：Retention Tax Rebate;;Corporate Value;;Cash Flow;;Capital Cost 中文刊名：CZYJ 英文刊名：Public Finance Research 机构：中央财经大学财政税务学院;中国人民大学财政金融学院; 出版日期：2019-05-05 出版单位：财政研究 年：2019 期：No.435 基金：中央财经大学第四批青年创新团队和中财——鹏元投融资研究所资助 语种：中文; 页：CZYJ201905009 页数：14 CN：05 ISSN：11-1077/F 分类号：106-119

摘要

本文选取留抵退税政策范围内的A股上市公司为研究样本,运用其2013-2018年财务数据,基于多元回归和DID双重差分模型,探究国家在2016年对航天航空行业以及2018年对18类行业实施增值税留抵退税的政策是否对试点企业的企业价值产生影响,以及相应的影响机制。研究发现:增值税留抵退税政策通过降低企业资本成本以及增加企业当期现金流促进研发投入,进而对企业价值有积极支持作用。这为我国进一步推进增值税留抵退税政策的实施以及相关政策的制定提供理论借鉴,同时为现行复杂的经济形势下企业提升经营效率提供决策依据。
        This article selects the A-share listed companies which are within the scope of rebate policy of retained VAT as research samples, and uses 2013-2018 financial data to explore the effect of the policy on the enterprise value of the aviation industry in 2016 and the 18 industries that implemented this policy in 2018 and the corresponding mechanism, based on the multiple regression and DID model. It is found that the policy of VAT retention and rebate has positive supporting effect on enterprise value by reducing capital cost and increasing current cash flow. This provides a theoretical reference for China to further promote the implementation of the VAT refund policy and the formulation of relevant policies. At the same time, it provides a certain decisionmaking basis for enterprises to improve operational efficiency under the current complex economic situation.

引文

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    (1)该数据库全称为“全部国有及规模以上非国有工业企业数据库”,这里的“工业”统计口径包括“国民经济行业分类”中的“采掘业”、“制造业”以及“电力、燃气及水的生产和供应业”三个门类。“规模以上”要求企业每年主营业务收入在2000万元及以上。