“营改增”对企业资本结构的影响――基于非债务税盾的视角

基于我国“营改增”改革的外生性事件，本文从企业资产投资提供的“非债务税盾”视角出发，探索性地研究了“营改增”政策对企业资本结构的影响。结果表明，“营改增”政策提高了企业固定资产投资以及研发投资的积极性，由企业资产投资构成的“非债务税盾”显著降低了企业的债务水平，该发现符合“非债务税盾”与资本结构之间存在“替代效应”的理论预期。与未接近“税收耗损状态”的企业相比，“营改增”政策实施之后的“替代效应”在接近“税收耗损状态”的企业中更为明显，验证了“税收耗损状态”假说。考虑到非国有企业的税收敏感性要强于国有企业，“营改增”政策实施之后的“替代效应”以及“税收耗损状态”假说在非国有企业中更为显著。进一步区分债务期限结构后发现，“营改增”政策显著降低了企业的长期债务水平，而对短期债务的影响并不明显。本文的研究结论不仅提供了“非债务税盾”与资本结构之间“替代效应”的新证据，还发现企业产权性质对资本结构选择的重要影响。
Institutional environment is an important factor influencing capital structure. Based on the reformto replace the business tax with a value-added tax, this paper seeks to explore how the reform affects capitalstructure from the perspective of no-debt related tax shields. Empirical results suggest that the reform to replacebusiness tax with a value-added tax has decreased interest-bearing debt significantly, especially for firms whichare almost in a tax exhaustion status. Compared with state-owned enterprises, the non-state-owned firms aremore obviously affected by the reform, giving stronger empirical support to the hypothesis of tax exhaustionstatus. Additionally, the results above are more pronounced in long-term interest-bearing debt. However,short-term interest-bearing debt does not show the same results. Our results not only provide new evidence onsubstitution effect between no-debt related tax shields and capital structure, but also suggest that the ownershipof the firms affects the choice of capital structure