“营改增”、投资效率和公司期权价值

基于制造业上市公司数据，从微观层面考察"营改增"对我国公司投资效率和期权价值的影响。研究发现："营改增"的减税效应和专业化分工效应使公司的投资效率得到改善，投资不足和投资过度均有不同程度的降低。从企业人力资本需求角度考虑，发现"营改增"增强了企业劳动雇佣能力。由于投资活动是公司权益价值的决定因素，故从实物期权角度研究"营改增"在改善投资效率的同时，是否也对公司权益价值造成了影响，结果发现"营改增"可以显著增加公司增长期权和清算期权价值。

Replacing Business Tax with VAT,Enterprise Investment Efficiency and Company Option Value

Real enterprises are keen to obtain investment income from the financial market, and some enterprises even tend to over finance, which has become a unique economic phenomenon under the background of the new normal of economy. This paper studies the development trend of China's macro-economy in the 10 years from 2009 to 2018, as well as the specific data of real enterprise financialization. Taking 3567 effective panel data of Shanghai and Shenzhen stock markets in the same period as the research object, a multiple regression statistical analysis model is established to study the impact of financial investment income of real enterprise on macro-economic fluctuation. The empirical analysis results show that the financial returns of the real enterprise investment are significantly related to the macroeconomic fluctuations. This kind of excessive financial investment behavior increases the instability of the financial market and brings new resistance to the stable development of the macroeconomic.