“营改增”政策对上市公司会计稳健性的影响——基于我国沪深A股上市公司样本的实证研究

制度环境是影响企业会计信息质量的重要因素。基于我国营改增改革实践,利用双重差分法研究营改增政策对企业会计稳健性的影响效应及作用路径,并进一步考察企业特征对上述影响效应的异质性。研究表明:营改增政策有助于缓解企业融资约束、降低企业税收负担,同时滋生企业高管攫取超额薪酬,进而降低企业会计稳健性。异质性检验表明,在非国有企业、年轻企业以及高成长性企业中,营改增降低会计稳健性的政策效应更加显著。本文的研究结论对“十三五”规划提出的进一步深化财税体制改革,提高经济运行信息的及时性和准确性具有借鉴意义。

The Influence of the Policy of Replacing Business Tax with Value-Added Tax on the Accounting Conservatism of Listed Companies:An Empirical Study of A-share Listed Companies in Shanghai and Shenzhen

Institutional environment is an important factor that affects the quality of accounting information.Based on the practice of China′s state-run reform of replacing business tax with value-added tax,this paper uses the double difference method to study the effect of the policy of replacing business tax with value added tax on the accounting conservatism of enterprises,and further studies the heterogeneity of corporate characteristics on the above effects.The research shows that the policy of replacing business tax with value-added tax is helpful to ease the financing constraints of enterprises,reduce the tax burden of enterprises,and at the same time,it can breed the executives to grab the excess salary,thus reducing the accounting conservatism of enterprises.The heterogeneity test shows that in non-state-owned enterprises,young enterprises and high growth enterprises,the policy effect of replacing business tax with value added tax to reduce accounting conservatism is more significant.The conclusion of this paper can be used for reference to further deepen the reform of financial and tax system and improve the timeliness and accuracy of economic operation information proposed in the“13th Five-year Plan”.