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论文编号：	14692
作者编号：	2120223653
上传时间：	2024/6/6 9:48:40
中文题目：	增值税留抵退税政策对企业权益资本成本的影响研究
英文题目：	Research on the Effect of the Value-Added Tax Retention Tax Rebate Policy on the Equity Capital Costs of Enterprises
指导老师：	李姝
中文关键字：	增值税；留抵退税政策；权益资本成本
英文关键字：	Value-Added Tax; Value-Added Tax Retention Tax Rebate Policy; Cost of Equity Capital
中文摘要：	增值税留抵退税政策是增值税改革中的重要部分，有利于减轻企业税收负担，对于全面释放“减税降费”效能、推动高质量发展具有重要意义。大量的留抵税额被长期占用不利于企业经营现金流的稳定性，会增加企业经营风险，提高融资成本，不利于企业的权益性融资。2018年财政部发布的增值税留抵退税政策能够给予企业税收优惠，有助于增加企业经营现金流，为企业正常经营提供支持，提高企业的风险应对能力，增强投资者信心。同时，资金流充裕度的提升也有助于缓解管理者绩效压力，降低其机会主义动机，减少企业短期业绩波动性，向投资者传递业绩平稳信号，从而影响投资者对回报率的要求。因此，本文以财税〔2018〕70号文件为准自然实验，探讨增值税留抵退税的政策效应能否作用于企业权益资本成本。 本文以2013-2022年中国A股上市公司为研究样本，利用双重差分模型研究增值税留抵退税政策对企业权益资本成本的影响及作用机制，并探讨不同地区和企业特征下留抵退税政策对企业权益资本成本影响效应的差异性。实证研究结果表明，第一，增值税留抵退税政策的实施会降低企业权益资本成本，这一结论在平行趋势检验、安慰剂检验、PSM倾向得分匹配、三重差分检验、替换被解释变量、替换解释变量、控制高阶联合固定效应后依然稳健。第二，机制检验表明，融资约束、代理问题具有部分中介作用，增值税留抵退税政策能够通过缓解融资约束和代理问题降低企业权益资本成本。第三，进一步分析发现，增值税留抵退税政策对于税收征管强度较高的企业、市场竞争能力较强的企业、国有企业和高科技企业具有更强的权益资本成本降低效果。本文研究结论有助于政府和企业理解留抵退税对企业股权融资的作用机制，对政策制定者和企业经营决策者具有借鉴意义，并为投资者优化决策和企业如何通过加强自身建设用好留抵退税额以降低融资成本提供有益参考。
英文摘要：	The retention tax rebate policy for Value-Added Tax (VAT, hereafter) is a crucial aspect of VAT reform. It is significant in reducing the tax burden on enterprises, fully realizing the effectiveness of “tax reduction and fee reduction”, and promoting high-quality development. Retaining a large amount of tax credits for an extended period can negatively affect the stability of the firm's operating cash flow, increase its operating risk, raise financing costs, and hinder equity financing. In 2018, the Ministry of Finance issued a VAT retention tax rebate policy that provides tax incentives to enterprises. This policy can improve the operating cash flow of enterprises, support their normal operation, and enhance their ability to cope with risks, thereby increasing investor confidence. Increased cash flow can reduce pressure on managerial performance, decrease opportunistic incentives, lower the volatility of short-term corporate performance, and signal stable performance to investors, which can influence investor demand for a return rate. Therefore, this article takes the No 70 document issued by the Ministry of Finance of PRC in 2018 as a quasi-natural experiment to explore whether the policy effect of VAT retention tax rebate can affect the cost of equity capital of enterprises. This article selects Chinese A-share listed companies from 2013 to 2022 as the research sample and uses a DID (Differences-in-Differences) model to study the impact and mechanism of the VAT retention tax rebate policy on firms' cost of equity capital, and the differences in the impact of the VAT retention tax rebate on cost of equity capital under different regions' and firms' characteristics. The empirical research indicates that, firstly, the implementation of the VAT retention tax rebate policy reduces the cost of equity capital for enterprises. This conclusion remains robust after parallel trend testing, placebo testing, PSM propensity score matching, triple difference testing, replacing the dependent and explanatory variables, and controlling for high-order joint fixed effects. Secondly, mechanism testing shows that the VAT retention tax rebate policy can reduce the cost of equity capital by alleviating financing constraints and agency problems. Thirdly, further analysis indicates that the policy of VAT retention tax rebate has a more significant impact on reducing the cost of equity capital for firms with higher tax administration intensity, stronger market competitiveness, state-owned enterprises, and high-tech firms. The research findings help the government and enterprises to understand the mechanism of tax credit rebate on enterprise equity financing, which is of great significance for policymakers and enterprise business decision-makers, and provide useful references for investors to optimise their decision-making, and enterprises to make good use of tax credit rebate by strengthening their construction to reduce financing cost.
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