资本结构调整视角下的“营改增”政策效应检验

发布时间：2018-04-23 08:21

本文选题：“营改增” + 资本结构　；参考：《厦门大学》2014年硕士论文

【摘要】：营业税改征增值税,简称“营改增”,是指从2012年1月1日起在上海试点并逐渐扩大到其他省市的一次以结构性减税为目的的税制改革,初期试点行业包括交通运输业和部分现代服务业。“营改增”同时改变了适用税率和征税方式,使试点行业的流转税结构发生根本性变化。截至今日,“营改增”已进行两年,检验“营改增”的阶段性政策效应具有重要意义。为此,本文以经典理论中资本结构跟税收负担之间的关系为口径,通过检验企业资本结构的变化来间接考察企业税负的变化。经典资本结构理论认为,当税收负担上升时,企业会提高债务融资比例以充分享受债务利息的抵税效应。所以在改革后,如果试点行业的债务融资比例显著提升,则说明其税负加重,“营改增”的结构性减税目的尚未实现。在此基础上,首先构建财务理论模型分析企业各财务变量在改革前后的代数关系并求解债务税盾变化的表达式,结果表明“营改增”后企业债务税盾会变大,间接说明企业税负加重；同时对债务税盾变化进行动态分析发现,产品的成本价格增长率和平均产量增长率可作为企业调整改革后债务税盾的工具,二者跟改革后的债务税盾大小分别呈负相关、正相关；改革后的债务税盾存在理论极值,且大小为改革前的两倍,但实践操作中无法达到该值。后文继续采用上市公司的季度财务报告数据对理论命题进行实证分析,研究结果表明：“营改增”后,试点行业总体上在短期内显著降低了流动负债占流动资产的比例约6.46%,提升了总债务融资比例约17.23%。在考虑行业因素后发现：物流辅助业显著调整了流动资本结构；物流辅助业和仓储业显著提高了有息负债比例；四个行业的上市公司全部显著提升了总债务融资比例,间接说明四个试点行业的上市公司的税负都有所加重,因而“营改增”的短期减税效果还不是很明显。
[Abstract]:Business tax reform and value-added tax, or "business reform and increase", refers to a tax reform aimed at structural tax reduction, which has been piloted in Shanghai since January 1, 2012 and gradually expanded to other provinces and cities. Initial pilot industries include transportation and some modern services. "Operation change and increase" has changed the applicable tax rate and taxation method simultaneously, making the turnover tax structure of the pilot industry change fundamentally. Up to now, it has been two years since the "camp reform and increase" has been carried out, and it is of great significance to test the phased policy effect of "the camp reform and increase". Therefore, based on the relationship between capital structure and tax burden in classical theory, this paper indirectly examines the change of enterprise tax burden by examining the change of enterprise capital structure. Classical capital structure theory holds that when the tax burden increases, enterprises will increase the proportion of debt financing to fully enjoy the tax effect of debt interest. So after the reform, if the debt financing ratio of the pilot industries is significantly increased, then the tax burden of the pilot industries will increase, and the structural tax reduction goal of "business reform and increase" has not yet been achieved. On this basis, first of all, the financial theory model is constructed to analyze the algebraic relationship between the financial variables before and after the reform and to solve the expression of the change of the debt tax shield. The result shows that the enterprise debt tax shield will become larger after the "business reform increases". At the same time, through the dynamic analysis of the change of debt tax shield, it is found that the growth rate of product cost, price and average output can be used as the tool of debt tax shield after enterprise adjustment and reform. The two have negative correlation with the size of the debt tax shield after the reform, and there is a theoretical extreme value of the debt tax shield after the reform, which is twice as large as that before the reform, but the value cannot be reached in practice. The following article continues to use the quarterly financial report data of listed companies to carry on the empirical analysis to the theoretical proposition, the research result shows: "after" the management changes increases ", In the short term, the pilot industry has significantly reduced the ratio of current debt to current assets by about 6.46 percent, and increased the proportion of total debt financing by about 17.23 percent. After considering the industry factors, it is found that the logistics auxiliary industry has significantly adjusted the current capital structure, the logistics auxiliary industry and the warehousing industry have significantly increased the ratio of interest-bearing liabilities, and all listed companies in the four industries have significantly increased the proportion of total debt financing. The indirect explanation is that the tax burden of listed companies in the four pilot industries has been increased, so the short-term tax reduction effect of "business reform and increase" is not obvious.
【学位授予单位】：厦门大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F812.42;F275

【参考文献】