| “营改增”与企业金融化--来自制造业的经验证据 |
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| 引用本文： | 强国令,王梦月.“营改增”与企业金融化--来自制造业的经验证据[J].金融论坛,2021,26(2):59-69. |
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| 作者姓名： | 强国令 王梦月 |
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| 作者单位： | 新疆财经大学金融学院;新疆财经大学 新疆乌鲁木齐,830012 |
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| 基金项目： | 国家自然科学基金地区项目“对口援疆、制度环境与新疆经济社会发展”(71663048);国家自然科学基金地区项目“基于精准脱贫目标的新疆扶贫小额信贷政策效应评价与优化研究”(71763026);新疆维吾尔自治区软科学项目“新疆绿色金融发展的对策研究”(2018D07022)。 |
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| 摘 要： | 本文利用2010-2018年A股制造业上市公司数据,考察"营改增"对不同产权性质企业金融资产配置结构的影响。研究发现:在"营改增"影响下,国有企业的长期金融资产配备增加,实体投资"挤出"效应明显存在,说明国有企业配置金融资产以利润最大化为动机;非国有企业的短期金融资产持有量明显减少,融资约束有所缓解,说明非国有企业配置金融资产以资金储备为动机。
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| 关 键 词： | 营改增 金融化 实体企业 资金储备 投资替代 |
"VAT Reform"and Enterprise Financialization——Empirical Evidences of Manufacturing Industries |
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| QIANG Guo-ling,WANG Meng-yue."VAT Reform"and Enterprise Financialization——Empirical Evidences of Manufacturing Industries[J].Finance Forum,2021,26(2):59-69. |
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| Authors: | QIANG Guo-ling WANG Meng-yue |
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| Abstract: | Based on the data of listed A-share manufacturing enterprises during 2010-2018,the authors examine the impact of the"Replacing Business Tax with Value-Added Tax"(VAT)reform on the financial asset allocation structure of different-ownership enterprises.It’s found that,due to the impact of the"VAT reform",the long-term financial asset allocation of SOEs increases,and the"crowding out"effect of real investment is significant,indicating that the financial asset allocation of SOEs is motivated by profit maximization;the short-term asset holdings of Non-SOEs are significantly reduced,and financing constraints decrease,indicating that the financial asset allocation of Non-SOEs is motivated by capital reserve. |
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| Keywords: | VAT reform financialization entity firm capital reserve investment substitution |
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