管理评论 ›› 2021, Vol. 33 ›› Issue (1): 3-12.

• 经济与金融管理 •    

营改增政策提高了服务业企业的全要素生产率吗?

谢获宝1, 惠丽丽2   

  1. 1. 武汉大学经济与管理学院, 武汉 430072;
    2. 武汉理工大学管理学院, 武汉 430070
  • 收稿日期:2017-11-27 发布日期:2021-02-03
  • 通讯作者: 惠丽丽(通讯作者),武汉理工大学管理学院讲师,博士
  • 作者简介:谢获宝,武汉大学经济与管理学院教授,博士。
  • 基金资助:
    国家自然科学基金青年项目(71803146);教育部人文社会科学研究规划基金项目(19YJA630093)。

Does the Policy of VAT in Lieu of BT Increase the Total Factor Productivity of Enterprises?——Empirical Evidence from Service Companies

Xie Huobao1, Hui Lili2   

  1. 1. Economics and Management School, Wuhan University, Wuhan 430072;
    2. Management School, Wuhan University of Technology, Wuhan 430070
  • Received:2017-11-27 Published:2021-02-03

摘要: 实施营改增政策的根本目标在于,实现减税基础上的公平税负,引导企业合理配置资源,促进企业绩效提升。由于服务业企业所在区域、行业税负及上下游企业可抵扣链条的成熟度、完整性等方面存在差异,我国营改增税改政策给微观企业带来的经济后果一直存在争议。本文以营改增试点地区上市公司为研究样本,构建双重差分模型检验营改增政策对服务业企业全要素生产率的影响及其作用机理。研究发现,第一,营改增政策实施后,服务业企业的全要素生产率提高。第二,试点企业实际支付的流转税税率降低有利于实现国家与企业间的财富分配效应,促进服务业企业全要素生产率提升;试点企业经营效率提高有助于实现价值创造效应,促进服务业企业全要素生产率提升。本文的研究结论有助于深化对宏观税制改革具有微观经济效应及其具体作用机理的认识,为营改增政策的积极效果提供经验证据。

关键词: 营改增政策, 财富分配效应, 价值创造效应, 企业全要素生产率

Abstract: The fundamental goal underlying the policy of VAT in lieu of BT is to balance fair tax burden, guide resources allocation, and improve performance of enterprises. Due to the differences in the areas of service companies, the tax burden of the industry, and the maturity degree of the deductible chain, the economic consequences that China's taxation transformation from BT to VAT brings to micro-enterprises have been controversial. This research takes samples from the listed companies in pilot areas where the policy of VAT in lieu of BT is put in place, and builds a difference in difference model to test the influence of the policy on the total factor productivity of service firms and the influencing mechanism. First, we find that after the implementation of the policy, the total factor productivity of the service industry enterprises increases. Second, the reduction of the nominal tax burden actually paid by the pilot companies is conducive to realizing the wealth distribution effect between the state and enterprises, and improving the total factor productivity of service industry enterprises. The increase in operating efficiency of pilot enterprises will help realize the value creation effect and improve the total factor productivity of service enterprises. The conclusion of this study contributes to a better understanding of the micro-economic effect and its specific mechanism in the macro-tax reform, and provides empirical evidence for the positive effects of the policy of VAT in lieu of BT.

Key words: the policy of VAT in lieu of BT, wealth distribution effect, value creation effect, total factor productivity (TFP)